This gives investors the opportunity to play headlines in the news even when there are no direct instruments that can be used for that purpose. A good example may be Spain and the Catalonia crisis. Now that Catalonia's problems seem to have limited economic impact on the country, rating agencies are lining up to raise Spain's credit rating due to its impressive economy recovery. Already in January Fitch has raised its rating by one notch to A- and this week we are expecting a rating review by S&P that may follow Fitch to upgrade Spain to A-. The Spanish financial sector will benefit from a rating upgrade of the sovereign debt which could lead to a credit upgrade of the banks as well. Within this space financial institutions with exposure to Catalonia such as CaixaBank and Banc de Sabadell will be the ones to benefit the most and, in particular, their subordinated bonds spreads are the most likely to tighten as they are most sensitive to news.