Separatists will likely win the Catalan elections - Rabobank

"Tomorrow, Catalans will go to the ballot box to vote for a new regional government," Rabobank analysts note.

Key quotes

The separatists are likely to win the elections, but might lose their absolute majority.

A fresh push towards unilateral independence is unlikely, at least in the coming years.

Nevertheless, while tensions are unlikely to return to levels seen in October, it could take many years before tensions actually recede.

It will be extremely difficult to find a solution for the institutional crisis that is acceptable to both sides. But at the end of the day, we still believe that Catalonia will stay part of Spain with more (fiscal) autonomy.