Nowhere to run

Equity derivatives - Non-recourse financing

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Spanish corporates have been expanding like never before. Buoyed by a rosy domestic market, the country's largest companies have been involved in a spate of acquisitions over the past year, including Telefonica's bid for the UK mobile phone company O2 and Ferrovial's purchase of UK airport authority BAA last June. But a sudden dearth of investor interest in a pair of loans designed to allow two Spanish firms to purchase sizeable equity stakes in other companies has left dealers exposed to bi

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