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Catalonia Issue 4 Bln Citizen Bonds

Thu 6th Oct 2011

Catalonia, the second most indebted region after Castille la Mancha, is preparing to sell 4 billion euros of bonds to it's residents as it struggles to pay it's debts.

The region hopes to raise 3 billion euros from 1 & 2 year bonds, extendable to 4 billion euros, Catalonia's Department for Economy announced in a statement released earlier today. It is the third issue of debt to retail investors and coincides with the redemption of the first 'patriot bond' issued last year.

The one-year bond will pay a dividend of between 4.75%, which will rise to 5.25% for the two-year issue, whilst and the issuing banks - CaixaBank, CatalunyaCaixa and Banco de Sabadell - will earn a commission of between 2 - 2.2%.

Catalonia issued bonds earlier in the year and has both cut spending and put a number of public buildings up for auction in an attempt to reduce its deficit. Of the 37 individual properties proposed for sale in the region key properties include the Barcelona stock market on Paseo de Gracia, Spain's fourth-most expensive commercial street, as well as the Catalan Agriculture Ministry on Gran Via.

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