Spanish Capital Markets Forum 2011

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2010 was a difficult year for Spain. Worries abounded that Spain would share the same fate as Greece and Ireland and would inevitably need rescuing. However investor sentiment clearly turned a corner at the beginning of this year – lower yields at recent sovereign bond auctions being just one of the signs that investors are warming to Spain once again. There has been a great deal of supply out of Spain with a strong international bid.

The austerity measures which provoked a backlash from the Spanish population in 2010 are now starting to fulfill their promise, with Spain enjoying a lower central budget deficit and a better economic outlook for many of its regions.
So what does 2011 have in store for Spain? Has Prime Minister Zapatero restored investor confidence from the international community? When will the economy begin to grow again? Will the autonomous regions be able to access the international capital market? Can Spanish banks further lessen their dependence on the ECB? Will the restructuring of the Cajas throw-up more problems for Spain?