Análisis financiero

Since entering the euro area, Spain’s non-financial corporations have doubled their real asset base while significantly reducing leverage, particularly bank debt. This structural shift from debt-financed expansion to self-funded investment reflects broader changes in corporate behavior amid evolving economic and financial conditions.

Revolving credit plays a growing but still limited role in Spain’s household borrowing landscape, offering flexible financing to consumers with limited access to conventional credit. However, its complex structure and high associated costs raise concerns around transparency, education, and regulatory oversight.

Once seen as safer and cheaper than corporate debt thanks to its regulated profile and implicit government backing, since the 2008 financial crisis, bank-issued debt has carried a risk premium, driven by regulatory shifts, sovereign exposures, and profitability concerns. Recent improvements in capital generation, liquidity, and diversification suggest that the premium may no longer be justified on fundamental grounds.