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Spain's fund for the orderly restructuring of Banks (FROB) is outting it'sfirst bond issue on sale after agreeing to inject 7.6 billion euros into troubled regional lendaer Caja de Ahorros del Mediterraneo, also known as CAM Bank, in addition to three other lenders.
One unnamed source estimated that FROB's 2 year bonds look set to yeild 93 basis points more than Spanish government debt
The fund has already raised 2.2 billion euros from it's issue of 5 year bonds back in July.
last month three further Banks announced that they had been unable to raise capital reserves by the September 30th deadline and as such were taken over by the Bank of Spain. The banks nationailised in this way were the CaixaCatalunya, Novacaixagalicia and Unnim Banc.
The CAM Bank had already been nationalised earlier on in the year after requiring a bailout by the Bank of Spain to the sum of 2.8 Billion Euros.
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