Abstract
In the last 20 years, Spain’s financial sector has experienced a sweeping transformation coupled with rapid expansion with the result that it is now highly competitive and solvent and fully integrated into the international capital flows, as evidenced by the percentage of trading and investment represented by foreign investors. Recently, Spain sold its first dollar-denominated bond in more than three years, in a deal that allows the country to trim its dependence on domestic investors and underlines continued appetite for higher-yielding debt. This is an effort to capitalise on the robust appetite for higher yielding bonds among investors.
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