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Request for Spain bank bond guarantees to be extended

Fri 27th May 2011

The Spanish Treasury has approached the European Commission to request that guarantees are extended by a further 6 months on about 80 billion euros of bank bonds in order to help lenders' access to funding, according to unnamed sources.

The guarantees, which were put in place when the economic troubles of the country took hold in 2008, are due to expire at the end of this month.

Spanish lenders are under pressure as the threat of a similar bailout seen in Greece, Portugal and Ireland makes investors wary of bank debt.

The country's largest lenders, Banco Santander and BBVA , haven't sold government guaranteed bonds after raising 64 billion Euros by selling debt including covered bonds and unsecured debt since January 2010.

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