スペインのMadrid, Aragon, Galicia, Navara の自治州政府は、4'500'000'000ユーロ(45億0000'0000ユーロ)の地方債権を発行、落札する
Las comunidades colocan 4.500 millones de deuda en dos semanas
Los bonos autonómicos se benefician de la mejora global de los mercados para España.
Las emisiones logran financiarse a tipos de interés históricamente bajos
Amanda Mars Madrid 17 FEB 2014 - 00:00 CET
Fuente: AFI, Bloomberg y Tesoro Público. / EL PAÍS
Source: AFI, Bloomberg and Treasury. / COUNTRY
Communities placed 4,500 million of debt in two weeks
Autonomic bonds benefit from the overall improvement in the markets for Spain.
Emissions achieved financed historically low interest
Amanda Mars Madrid 17 FEB 2014 - 00:00 CET
Free Background autonomous communities have taken the spring rescue the markets are giving the Spanish public debt to jump in a rush to sell their own titles. In just three weeks, four of them, the Community of Madrid , Aragon , Galicia and Navarre - have placed more than 4,500 million euros in debt and some of them have broken their own brands. The locals have sold 3,000 million euros in the market in 10 days , which is a record in such a short time , while Galicia succeeded a week ago pay the lowest interest in its history by issuing debt to five years, of 1.89% .
Autonomic debt, usual suspect for foreign investors , who from the beginning of the crisis were leery of betting your money on these securities began to gain market appetite just a year ago , thanks to the trust that inspired the support of the European Central Bank to peripheral countries and activation Autonomous Liquidity Fund (FLA). Moreover, while you gain confidence, also offered a return well above the Treasury . That is, the market reopened , but at a high cost , and the trend prompted the government to limit the regional emissions at a cost that could not exceed 75 basis points ( or 0.75 percentage points ) relative to interest Treasury paid for the same type of degree .
Source : AFI , Bloomberg and Treasury. / COUNTRY
The situation has changed. For example , last year placed Madrid in just 24 hours 2,270 million in debt, of which 1,000 million for five-year notes with a coupon of 5.75 % , which was a jump of about 150 basis points the Treasury. However, the February 6 issue also conducted a five-year 1.400 million with a coupon of 2.85% , a spread relative to Treasury 49 basis points. Also the 10-year bonds , of which placed 1,600 million at 4.12% , the differential narrowed to 57 basis points. Overall , demand had reached 5.500 million.
"In two weeks since the authorization was received, we have covered almost all repayments falling due , which is the release of issue with which we now have around 3,600 million euros. Therefore, we have requested that we authorize the issuance of new debt for the year of 1,935 million euros , "says the Deputy Minister of Finance of Madrid, José María Rotellar .
Madrid has sold 3.000 billion euros of debt in 10 days, a record
César Cantalapiedra , International Financial Analyst (AFI ) , explains that the issuance of securities by unregistered communities had made such a volume from about a year, " but now the additional costs relative to Treasuries have been greatly reduced ," basically dragged by the thrust of peripheral sovereign debt markets . The same day that Madrid placed 1,400 million five-year , Treasury auctioned 3.285 million at a marginal rate of 2,282 % , representing the lowest level in its history.
In this context , Extremadura announced last week that this year will sell debt for the first time ever by a public call , between 200 and 300 million euros , for best interests.
Extremadura has authorized 400 million passive time by the Executive . In late January , the Government approved a decree to authorize borrowing operations subject to the goal - deficit and public debt 20142016 - seven communities. After Madrid, with 3.635 million was followed by volume Galicia (1,600 million) , Aragon ( 752 ) , Castilla -Leon ( 682 ) , Basque Country ( 611.8 ), Extremadura ( 464 ) and Navarra ( 356.8 ) .
Galicia, in the issue of February 12 , a private placement , unlike the Madrid- sold 500 million to that 1.89% , the lowest level in its history. "The demand has far exceeded the amount placed , but sought to limit 500 million issuance. Spaniards were foreign institutional investors and banks, pension funds and insurance companies, among others , "explained from the Ministry of Finance , adding that two other releases this year 500 million will be made .
Among redemptions and new debt , communities face a gross debt of over 37,000 million , of which Catalonia is the largest amount , more than 8,000 million euros ( see chart). This is part of the communities benefiting from the bailout fund loans with Andalucía , Baleares , Canarias, Cantabria, Castilla -La Mancha , Murcia and Valencia. Also for these , sheltered from the FLA , the situation has improved : the Executive set of funding this year for the Treasury debt plus a spread of 10 basis points. The problem remains for productive economies in each region advances in sovereign funding deployed in companies and households .
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