L ratio rose to 8.16% in Feb from 7.91% in Jan = highest level since 1994. Spain 10yr yield -11bps to 5.78% but IBEX -2.48% and they will be selling 2yr & 10yr debt tomorrow (Bill Gross noted yesterday on CNBC that you can't trust Spanish bond auctions b/c it is an "artificially controlled market.") Corpor