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Spanish Bank Debt Insurance Costs Drop On Bailout Loan

By Serena Ruffoni LONDON -(Dow Jones)- The cost of insuring against a default of the major Spanish banks dropped dramatically Monday as euro-zone leaders agreed a EUR100 billion loan to support the country's struggling banking sector. At around 1100 GMT, the cost of insuring the senior debt of Banco Bilbao Vizcaya Argentaria, or BBVA (BBVA.MC), was 28 basis points tighter at 710 basis points. The CDS spread of the other Spanish major bank, Banco Santander Central Hispano (SAN.MC), was 24 basis points tighter for the senior, at 384 basis points, and 36 basis points tighter for the subordinated at 590 basis points. European leaders granted Spain the availability of up to EUR100 billion in loans, more than the EUR37 billion the International Monetary Fund estimated would be necessary, in an adverse economic scenario, to shore up the country's ailing banking system. The reaction of investors in bank debt to the news was enthusiastic, according to traders. The battered senior debt of both Spanish and Italian banks was bought. ING strategists note that, though details of the plan are still thin, the bank recapitalization funding plan is clearly positive news for the sector, and an immediate boost to confidence, which should "allay market concerns for now". Italian banks' CDS spreads also tightened on the news. Unicredit's senior debt CDS spread was 27 basis points tighter at 498 basis points, and Intesa Sanpaolo's CDS spread was 9 basis points tighter at 457 basis points. Credit default swaps are derivatives that function like an insurance contract for debt. If a borrower defaults, sellers compensate buyers. Write to Serena Ruffoni at serena.ruffoni@dowjones.com

Stock News for Banco Santander (STD)
DateTimeHeadline
06/14/201203:03:13Spain Bank Audit to Reveal up to EUR65 Billion Capital Needs...
06/12/201217:47:09ADR REPORT: Shares Close Higher Amid Hopes for Euro-Zone Banking...
06/12/201217:36:33Brazil Real Closes Weaker; Market Tests Central Bank; Investors...
06/11/201213:30:10Spanish Banks Face Pain Despite EU Help
06/11/201213:20:14Bank Bond Investors Take Heart From Spanish Bank Bailout
06/11/201213:00:03Fitch Downgrades Spanish Banks
06/11/201207:59:27Spanish Bank Debt Insurance Costs Drop On Bailout Loan
06/10/201221:02:30Spanish Banks Expect Government to Ask EU for EUR60 Billion -Report
06/09/201216:55:37Santander: EU Aid to Foster Completion of Bank-Sector Reforms
06/08/201216:28:12Banks Brace for Moody's Downgrades
06/08/201208:26:16EUROBONDS: Spanish Bank Fears Take Toll on Debt Sales
06/06/201217:31:44ADR Report: Shares Higher As European Banks Rally
06/05/201203:46:10Norwegian Air in Dispute with Spanish Lender Santander -Report
06/04/201217:38:15ADR Report: Shares Inch Up as European Bank Stocks Rebound
06/04/201211:00:06Santander's Botin: EU Contribution to Spanish Banks Could Solve...
06/04/201210:44:32Santander Chairman Says Brazil Is "Top Priority" - EFE
05/31/201211:13:48Peru's Cabinet Unveils Changes To Private Pension Funds
05/30/201217:41:05ADR Report: Shares Lower As Spain Worries Weigh On Financials
05/30/201217:24:08World Better Prepared For Crisis Than In 2008 - Mexico's Ortiz
05/30/201213:29:07Santander UK Prices Sterling, Dollar Mortgage-Backed Bond Issue

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