LONDON (MNI) – Spain has sold E87.6 billion worth of bonds so far
this year, which equates to around 93.4% of its initially projected
medium-and long-term gross funding plans, said the Publico Tesoro.

In an investor presentation on its Web site, the debt agency said
“non-resident investors have been of instrumental importance throughout
various periods of uncertainty”.

“The geographical distribution of holdings of government bonds has
remained relatively stable during the last two years”, added the Tesoro.

In addition, the Tesoro said that Spain’s refinancing risk remains
subdued thanks to a longer average life, which is 6.66 years, as of
Nov 30, which compares to 6.7 years at the end of 2010. The average
duration of the portfolio is 4.23 year, as of Nov 30 versus 4.28 years
at the end of 2010.

“The average portfolio maturity has increased thanks to a reduced
issuance of T-Bills and focus on medium-and long-term supply”, the
Tesoro added.

Spain is due to tap 3 lines of bonds on Thursday, which will
complete its 2011 funding programme. The issues to be tapped include the
4.00% Mar 2020 Obligacion, 3.15% Jan 2016 Obligacion and 5.50% Apr 2021
Obligacion for between E3.25 billion to E4.25 billion.

–London newsroom: 00 44 20 7862 7494; email: