Spain continues to plan for the securitization of its electricity deficit receivables from 2000 to 2009. The deal, which is issued by the FADE fund, will have the full guaranty of the Spanish government.

However, the first issuance has been delayed for the New Year after missing an expected Dec. 8 launch date, reported market sources.

A December report from Il Sole 24 Ore said that the Spanish government issued a decree this month where it raised the deficit ceiling on the amount the government owes the power company and its Spanish unit Endesa in tariffs.

The government also reiterated its plans to reduce that deficit via a securitization, said the Il Sole 24 Ore report.

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