FROB success augments improved perception of Spain

The Spanish success story continued this week with a well oversubscribed three year transaction from the Fund for Orderly Bank Restructuring (FROB), the state guaranteed agency established in June 2009 to recapitalise Spain’s banks.

  • 28 Jan 2011

The deal follows an announcement by the Spanish government that all Spanish financial institutions will be required to comply with a core capital ratio of 8% by the end of 2011.

If the institutions are unable to fund independently the government will authorise a capital injection by FROB, ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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2 ING 2,687.73 2 5.82%
3 Barclays 2,583.19 4 5.59%
4 Citi 1,961.84 2 4.25%
5 BNP Paribas 1,498.16 1 3.24%

Dollar Denominated SSA (Excl US Agency)

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1 Goldman Sachs 3,533.69 6 12.02%
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4 Citi 3,063.28 6 10.42%
5 TD Securities Inc 2,869.30 6 9.76%

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4 JPMorgan 5,367.22 10 8.79%
5 Credit Agricole CIB 4,609.90 9 7.55%

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3 Citi 12,864.73 34 8.77%
4 HSBC 11,755.65 26 8.02%
5 Bank of America Merrill Lynch 9,593.97 21 6.54%