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Spain Economic Policy 2010
- 1. Kingdom of Spain Economic Policy and 2010 Funding Strategy Secretary of State for the Economy February 2010
- 24. Lowest interest burden within affordable limits Ratio of interests to GDP of General Government (% nominal GDP, EDP) Source: European Commission. * European Economic Forecast Autumn 2009, European Commission.
- 27. Preventive financial support measures Capital enhancement and reorganisation Credit stimulus Liquidity enhancement
- 39. Main features of Treasury funding strategy Spanish debt portfolio (€ billion) Source: Dirección General del Tesoro y Política Financiera.
- 40. Recent widening might be an opportunity Spread of the Spanish 10-year bond vs. main European peers (in bps) Source: Bloomberg.
- 41. Cheapening concentrated in the front end Source: Bloomberg. Spread of the Spanish 5-year bond vs. main European peers (in bps)
- 42. An atractive market to invest in
- 43. Increase in market liquidity Source: Dirección General del Tesoro y Política Financiera.
- 44. Low Debt Refinancing Risk… Source: Dirección General del Tesoro y Política Financiera. Redemption profile of Bonos & Obligaciones
- 45. Low Debt Refinancing Risk… Source: Dirección General del Tesoro y Política Financiera.
- 46. … Thanks to relatively high duration and average life to maturity… Duration & Average Life to Maturity of the Portfolio (Letras, Bonos and Obligaciones) (in years) Source: Dirección General del Tesoro y Política Financiera.
- 47. … while achieving lower Funding Costs Source: Dirección General del Tesoro y Política Financiera. Average Funding Costs (in percent)
- 48. Reliance on foreign funding relatively moderate External public sector debt in 2009 (% of GDP) Source: OECD.
- 49. Banks financing of government debt in line with Eurozone average Holdings of government debt November 2009 (% of bank assets) Source: Citi.
- 50. Spanish Banks’ funding from ECB around Eurozone average Recourse to ECB funding (% of total bank assets) Source: Deutsche Bank.
- 51. Stable and diversified investor base Government Bonds by Holder (Term investment, % of total portfolio) Source: Dirección General del Tesoro y Política Financiera.
- 52. Stable and diversified investor base Source: Dirección General del Tesoro y Política Financiera. Letras del Tesoro by Holder (Term investment, % of total portfolio)
- 53. Stable and diversified investor base Government Bonds by Holder (Term investment, % of total portfolio) Source: Dirección General del Tesoro y Política Financiera.
- 55. Thank you for your attention Soledad Núñez – Directora General del Tesoro y Política Financiera [email_address] Gonzalo García Andrés – Subdirector General de Gestión y Financiación de la Deuda Pública ggarcía@tesoro.meh.es José Ramón Martínez [email_address] Rosa Moral [email_address] Leandro Navarro [email_address] Pablo de Ramón-Laca [email_address] Ignacio Vicente [email_address] Rocío Chico [email_address] For more information please contact: Phone: 34 91 209 95 29/30/31/32 - Fax:34 91 209 97 10 Reuters: TESORO Bloomberg: TESO Internet: www.tesoro.es José Manuel Campa Fernández– Secretary of State for the Economy
- 56. Annex: the Social Security Reserve Fund The Social Security Reserve Fund amounted in December 2009 to approximately 5.7% (€ 60bn) of GDP. Social Security Reserve Fund asset holdings