Sareb launched on Friday bond issues for the amount of 10.480 million Euros “without prejudice of their possible enlargement”. With this operation, the bad bank tries to refinance 11.008 millions that expire on December 31st, according to financial sources. The difference between the amounts, 528 millions, derives from the company´s decision to cover this part with the cash box which gathers the income from the real estate sales.
Sareb paid for the assets of the entities with bonds with the Government´s endorsement at the euribor interest rate of three months and a differencial that will never exceed 200 basic points. In total, it has carried out 7 issues, total volume of 50.000 million Euros at terms of 1, 2 and 3 years in return to the share transfer of the Group 1 and 2 in December last year and in February this year. All of them have been launched as variable interest type, this year, however, applying the Interest Rate Swaps (IRS), a hedge meant to protect from the future rises of euribor.
The company chose the short term for its issues in order to amortize its debt (…).
By mid November, it has sold more than 6.400 properties. In its first year, the firm overcame the gross earnings of 2.ooo million Euros, as its chairwoman Belen Romana has highlighted recently.