Spanish debt

spain syndicated bonds

Foreigners reduce their holdings of Spanish bonds by almost eight points in three years

The share of foreign investors in Kingdom of Spain government securities has decreased from the level of 48.79% at the end of 2019 to 41.04%, which is 7.75 points higher. In December 2019, non-resident investors held a portfolio of Spanish securities for an overall amount of 480.094 billion euros, which represented 48.79% of the total debt issued by the State. They now stand at 499.376 billion euros. The strong effort…

euro digital

The Spanish Treasury Pays For Debt Again

Fernando González Urbaneja | In recent years the European Central Bank, in addition to ensuring price stability (an objective it has achieved), has tried to sustain and stimulate the euro economies by supplying all the credit necessary and at the lowest price imaginable, practically zero. States have benefited from this policy by issuing debt at no cost, even with a few tenths of a yield. The ECB has done its…

bank spain guapisimo

Spanish Treasury Proposes €75 Bn Net Issuance By 2022, A Level Similar To That Of 2021

Bankinter | The Treasury announced on Monday its Financing Strategy for 2022. The Treasury ended 2021 with total Gross issuance of €264.312 billion and Net issuance of €75.138 billion, -25% below the proposed target and -31.6% below 2020 net issuance. The average cost of debt issued amounted to -0.04% and that of outstanding debt stood at 1.64% (from 1.86% at the end of 2020).

debt ceiling word cloud1

Spain: Corporate And Household Debt Increased By 1.8% In The Last Year To 144.2% Of GDP

The financial wealth of Spanish households increased by 5.1% in the last year to stand at 214.1% of GDP. The Financial Accounts of the Spanish Economy, published by the Bank of Spain, show that consolidated corporate and household debt reached €1.673 billion in the second quarter of 2021 (144.2 % of GDP), 1.8 % above the €1.644 billion recorded a year earlier (140.5 % of GDP). The increase in the…

spain savings rate

Spanish Public Debt At An All-Time High: Eur 1.39 trillion

According to data from the Bank of Spain (BdE) released on Friday, the debt of Spanish public administrations as a whole rose in Q1’21 to 1.392,733 trillion euros, a record high. This figure represents 125.3% ofof Spain’s Gross Domestic Product (GDP). In the last year, public debt has increased by 168.213 billion euros, which represents an increase of 13.7%. It should be recalled that at the end of 2020 this…

The debt of Rajoy and Sanchez

The Debt of Rajoy and Sanchez

From 2019 it is possible that Spain will have difficulties financing its public debt, which is definitely not only the official figure of 98.3% of GDP. Rajoy’s increase of this debt by €649 billion has been financed at very low interest rates, thanks to the ECB’s quantitative easing. On the other hand, Pedro Sánchez has announced substantial spending increases, which will inevitably increase debt in 2019.

ECB niceTC1

Aversion To Risk, ECB Asset Purchases Smash Public Debt Minimum Levels

Investors’ fears and their hunt for safe haven assets are having an unsuspected impact on European public debt yields: nearly two thirds of these securities are in negative territory; the German bund is beating a new record low on a daily basis and Spanish debt is approaching the minimum levels recorded in April 2015.

spain scenarios

Just 3 Things To Consider Before Investing In Spain

UBS | In this report, we focus on three pivotal questions that we consider crucial for investing in any security in Spain: First, what is the economic outlook for 2016/17, and what are the biggest economic policy challenges that the next government will face? Second, what are the likely scenarios for the outcome of the elections on 26 June? And third, what is the valuation and relative attractiveness of Spanish assets, how will asset markets react to different election outcomes, and what is or is not priced in?

deuda spain

Italian Debt As An Alternative To Spanish Debt?

The current uncertain political panorama in Spain after the December 20 elections has not been reflected in any significant way in sovereign debt spreads. The yield on the 10-year bond compared with the German bund is around 130 bp, no more than 10-15 bp above the pre-elections level. One alternative to reduce (or diversify) exposure to Spain’s public debt may be take positions in Italian debt.