The Spanish mega-bank Banco Santander, which clocks in with a market cap of over $85 billion, is melting again today. There goes another billion. In European trading it’s off about 1.8%, outpacing the overall declines in Spanish equities buy a good margin.
Meanwhile, Bloomberg notes that the refinancing wave for next year will come to $111 billion for the country’s banks.
Santander itself has 27 billion euros in debt to refinance.