Spain May Break 2-Year Power-Bond Hiatus This Month

Spain plans by the end of this month to sell the first tranche of an eventual 17.6 billion euros ($24.8 billion) of bonds backed by revenue from consumer electricity bills, three people familiar with the deal said.

Bankers will begin taking orders for at least 1 billion euros of the Spanish government-guaranteed debt once the prospectus is approved by the country’s securities regulator, said the people, who asked not to be named because the deal is confidential. The process has been set back by delays in gaining approval from the regulator, they said.