Spanish banks have raised 26.6 billion euros in debt notes during the last three months. This capital will provide enough liquidity to ease pressures created by more than 200 billion euros in debt obglitations maturing in 2012 and 2013.
Further, this amount meets a third of the sector?s capital raising goal. After the war for deposits, this fund raising goal will be the next rough patch that Spanish lenders are heading toward as they steer clear of a situation in which high financing costs are the only solution and interbank deals are moribund.
The test of that are what European banks are depositing daily into the European Central Bank (ECB). Yesterday?s deposits of 455 billion euros set a new daily record. In light of the doubts that Spain?s financial sector is facing, it was a good sign that the Spanish banking sector?s latest gamble yielded positive.