Be wary of Santander's Mexican fiesta

Proof there is no rebalancing in Europe is easy to find. For example, El Pais reports Spanish Debt Grows by €146 Billion. What follows is a Mish-modified translation of the above Google-translation. Key Points

Proof there is no rebalancing in Europe is easy to find. For example, El Pais reports Spanish Debt Grows by €146 Billion. What follows is a Mish-modified translation of the above Google-translation. Key Points

By Caiman Valores:The long awaited public offering for Banco Santander's (SAN) Mexican subsidiary Grupo Financiero Santander Mexico (Banco Santander Mexico) is now available. This public offering forms a part of Banco Santander's professed strategy of continuing to independently list its subsidiaries in the markets in which they operate.

By Michael Terry:As Banco Santander (SAN) prepares to conduct an initial public offering of their Mexican bank, an overview of the bank is in order.

Explaining the recent selloff in Spanish bonds is easy: The bond market has finally come to grips with the idea there is no solution for Spain's massive structural problems. Here is a trio of articles to show what I mean. Spanish Banks Stuck ‘Unsellable’ Real Estate, 50% of Real Estate Loans are Troubled Bloomberg reports Spanish Banks Have $41B of ‘Unsellable’ Real Estate

MADRID (Reuters) - Banco Santander said it was to pay $2.5 billion for the 24.9 percent of Santander Mexico it does not own, showing the Spanish bank's expansion ambitions have not been dampened by a raft of buys in the past 18 months.

Banco Santander, the largest Spanish lender, said Wednesday that it would buy Bank of America's 24.9 percent stake in Santander's Mexican arm for $2.5 billion, giving it almost total ownership of the unit.