Spain's Unlucky Number Seven

The Spanish downgrade aftermath: SPG at 7%. Well, not quite 7%.... 6.998% as of 5am Eastern. A new record. We give it a few hours before 7% is breached once the news hits that Moody's has cut Spain's three biggest banks by 1-3 notches as explained yesterday. Also, CDS at a record 611 bps is not helping either.