BCE: Widespread decline in interest rates of banking corporate credit

This better rates’ performance in the periphery is clearer in a YoY level, considering that the decrease has been of 37 bp vs. -1 bp in Germany/France. However, the banking fragmentation is still significant if we take into account the 142bp gap between the peripheral rates and Germany/France. Within the periphery, Santander analysts highlight the YoY decline of Spain’s rates (-51 bp, up to 4,6%) and Portugal (-75bp, up to 5.6%).

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