El Mundo newspaper reports that once again,...>

SPAIN: El Mundo newspaper reports that once again, in 2018, the Spanish pension

fund will require a loan from the government. El Mundo reports that this could

be as high as E16bln. Indeed, El Mundo reports that these deficits will continue

until 2020 and, if so, will make up 9 years of deficits from 2011, when the

pension reserve fund started to fall from its peak of E66.8bln.

- The Reserve Fund has only E8bln remaining. At its peak the fund invested in

EGBs as well as Spanish bonds but these days is concentrated in Spanish debt.

- The accounting of the Social Security fund is something for the Spanish

government and this article in El Mundo has no impact upon Spanish government

bond issuance.