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Spanish economy

Spanish economy 13th December 2011

Spain sells more bonds than expected, paying 1% less

MADRID | The Spanish investment website Consenso del Mercado reported about the Spanish Treasury’s positive results in placing its bonds on Tuesday. Spain’s public Treasury sold over €4.941 billion in bonds at 12 and 18 months, more than expectations marked, at considerably lower rates than in previous auctions. This means that Spain has passed the first market test after the agreements that were reached last week in Brussels. With this sale, the…

Spanish economy 12th December 2011

The double battle of the biggest Spanish military airplane

MADRID | According to the Spanish daily newspaper Expansión, the A400M (the largest European military airplane) made by Airbus Military is waging a double war. In the first place, it must comply with the new deadlines that were established after the programme was restructured last year. In second place, it must sell 400 planes in order to amortise the three year test flight delay that the prototype suffered and that cost €8…

Spanish economy 7th December 2011

Mariano Rajoy’s first taste of being the next president of Spain

MADRID | The Spanish press on Wednesday published reports of the newly elected Spanish President Mariano Rajoy’s trip to Marseille, where he will meet with US Secretary of the Treasury Timothy Geithner and then, later on, jointly with French president Nicolas Sarkozy and German Chancellor Angela Merkel. Rajoy will also have the opportunity to meet with the president of the European Commission Jose Manuel Durao Barroso, and with the Polish…

Spanish economy 6th December 2011

The new and incredible ‘boom’ of the Spanish mining industry

By Julia Pastor, in Madrid | One year ago, the European Union approved a four-year extension from 2014 to 2018 for the loss-making coal mining sector subsidies, which affected some Spanish working mines. Even though the Spain’s Secretary of State for the EU Diego López Garrido considered then “ it was good news for the whole of the Spanish mining industry, especially for coal mining,” the truth is that the…

Spanish economy 5th December 2011

Repsol ready to test wholesale markets

MADRID | The Spanish press today echoes Repsol’s move, which has started sounding out investors to carry out a debt issuance after the relief brought by the drop to below the 350 b.p. in the Spanish risk premium. “BBVA was the last Spanish firm that issued debt on the wholesale market. On October 28, the second major Spanish bank placed €750 million in senior debt at 18 months at a price…

Spanish economy 29th November 2011

Spain’s regions obtained a “small surplus” in 3Q11, says finance minister Salgado

With a public deficit of €12.87 billion, 1.19% of GDP in the third quarter, the regional governments in Spain would have recorded a small surplus of €192.72 million, according to what the finance vice president Elena Salgado said on Tuesday. More details were reported by the Spanish press. “… The Spanish regions are on the path of deficit reduction,” said Elena Salgado, finance vice president. Her forecast for the full year…

Spanish economy 28th November 2011

Distressed assets investors head to Spain for restructuring plans

Rumours of a super-toxic bank have been building up in Spain ever since the conservative People’s Party won the country’s general election by landslide. According to last weekend’s Bloomberg reports, “Spanish Prime Minister-elect Mariano Rajoy has asked for at least two papers from academics on how to create a so-called bad bank, according to two people with knowledge of the matter. “Both proposals outline mechanisms for a state-backed agency to buy soured assets…

Spanish economy 24th November 2011