While the market has already begun to price in this uncertainty - seeing a significant chance that Rajoy will be defeated - Bloomberg, citing unknown sources, reports the same predictions

BASQUE NATIONALISTS ARE SAID TO BE READY TO BACK RAJOY'S OUSTER

CATALAN SEPARATISTS SEEN HIGHLY LIKELY TO VOTE AGAINST RAJOY

SPANISH OPPOSITION SEEN CLOSE TO SECURING VOTES TO TOPPLE RAJOY

And 10Y Spanish yields are notably underperforming Italy today...