Bloomberg News

SPAIN DAYBOOK: IMF Says Banks Need 10 Years to Sell Assets

June 11, 2012

Spanish banks need between seven and 10 years to sell repossessed real estate assets, the International Monetary Fund said in a report published overnight.

All times in CET (ET+6)

WHAT TO WATCH: -- The yield on Spain’s 10-year bond rose to 6.51 percent yesterday, the biggest jump since January, as investors bet a 100 billion-euro bank rescue won’t be enough.

ECONOMY: -- Standard & Poor’s Ratings Services yesterday said Spain’s request for a bailout for its lenders “has no immediate effect” on the nation’s BBB+ credit rating.

EQUITIES: -- Banco Sabadell doesn’t plan to use European bailout funds, Chairman Josep Oliu said in an e-mailed statement yesterday. -- The euro region’s temporary bailout fund may help Spanish banks by giving them bonds that could be used as collateral, a step used to help Greek lenders since April, a European official said yesterday. -- Fitch yesterday downgraded Banco Santander and BBVA long-term issuer default ratings to BBB+ from A with negative outlook.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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