Spanish agency FADE sells 89 mln euros in bonds

MADRID Feb 11 (Reuters) - Spain's Electricity Deficit Amortisation Fund (FADE) has sold 89 million euros ($119 million) in a 2026 bond with a 5.75 percent coupon, according to information sent to the stock market regulator on Monday.

The bonds, designed to transfer debt accumulated by power companies to the state-backed institution, have been subscribed by BBVA, it said. They were priced at 98.107 with a yield of 5.957 percent.

Spanish utilities have a deficit of around 28 billion euros after years of regulated power rates that do not cover the costs of generating and distributing electricity in Spain. ($1 = 0.7474 euros) (Reporting By Tracy Rucinski; Editing by Fiona Ortiz)