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Spain’s BBVA Bids for ECB Three-Year Loans, Chairman Tells Pais

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Feb. 26 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA chairman Francisco Gonzalez said the Spanish lender will bid for three-year loans in the Feb. 29 European Central Bank auction, according to El Pais.

BBVA will seek a similar amount to the 11 billion euros ($14.8 billion) that the Bilbao-based bank raised in the first tender of this kind from the ECB on Dec. 21, Gonzalez said in an interview with the Madrid-based newspaper. There is no stigma for banks taking part in the central bank auction, he told El Pais.

Banks shouldn’t ask for ECB money to invest in government debt and instead it should be used to fix problems, he said, according to El Pais. The ECB three-year loans will help the economic recovery, he told El Pais.

The Spanish government bonds’ risk premium should decline by the end of this year to below 300 basis points, he told El Pais. If that is not the case, it means that things are not on the right track, he told El Pais.

The Spanish-German 10-year yield spread narrowed on Feb. 24 to 316.1 basis points from 318.7 a day earlier, data compiled by Bloomberg show.

To contact the reporter on this story: Esteban Duarte in Madrid at eduarterubia@bloomberg.net

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net

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