Investors are paying the most in a year to own Spanish stocks relative to developed markets in Europe as a whole. The benchmark IBEX 35 Index trades at 14.6 times the projected 12-month earnings of its members, compared with a multiple of 14.9 for the Stoxx Europe 600 Index. Acting Prime Minister Mariano Rajoy’s party won more seats than expected in last month’s general elections, while investors speculated the nation’s banks may avoid having to pay billions of euros to mortgage borrowers in interest compensation.

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