This is just one example of pure manipulation. Randy
Spanish Bad Loans Re-Accelerate To New Record High
ZeroHedge
Amid the Spanish FinMin's "concerns about the pace of the increase" in government debt, and PM Rajoy's confidence that the nation would exit the eurozone-fueled banking bailout by January, bad loans in the still disastrously-troubled nations have re-accelerated to an all-time record high of 12.68% of total loans. Mostly linked to the collapsed property sector, bad loans climbed by 6.9 billion euros from the previous month to an unprecedented 187.8 billion euros ($254 billion) in September. Having almost completed the drawdown of its 41 billion bailout - and with the situation fundamentally worse than ever (e.g. record high unemployment), Spanish bond spreads have collapsed to 250bps - their lowest in 29 months.
Chart: Bloomberg
Randy Woodward
Managing Director, Fixed Income Capital Markets
One Burton Hills Blvd, Ste 225, Nashville, TN 37205
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Randy.Woodward@RaymondJames.com
Greg Wright
Vice President, Fixed Income Capital Markets
One Burton Hills Blvd, Ste 225, Nashville, TN 37205
( Toll-Free 800.764.7621
6 Mobile 678.852.3488
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