Spain March Foreign Portfolio Investment Outflow Most Since June

Spain faced the highest outflow of foreign portfolio investment in nine months in March.

Non-residents withdrew 14.1 billion euros ($18.3 billion) of stock and bond investments, according to data released today in Madrid by the Bank of Spain. That’s the most since June 2012 and the second outflow since July. In February, a net 1.1 billion euros left the country.

The nation’s current account showed a 1.39 billion-euro surplus as imports dropped “significantly” and the energy-linked deficit narrowed, the Bank of Spain said in an e-mailed statement. Exports grew “moderately” while tourism fueled a surplus in services, it said.

The yield on Spain’s 10-year benchmark bond rose six basis points to 4.42 percent at 12:59 am in Madrid, while the spread with similar German maturities widened 8 basis points to 2.95 percentage points. Spain’s 10-year borrowing costs have come down from a euro-era high of 7.75 percent in July, before the European Central Bank pledged to backstop the single currency.

To contact the reporter on this story: Angeline Benoit in Madrid at

To contact the editor responsible for this story: Craig Stirling at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.