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MADRID, Feb 25 (Reuters) - Spain's Electricity Deficit Amortisation Fund (FADE) on Monday said it had sold 87 million euros ($114.5 million) of a 2021 bond with a 5.90 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 fully subscribed by Spain's two biggest banks BBVA and Santander, it said.
BBVA has subscribed 79.5 million euros while Santander has subscribed 7.5 million euros. The operation will be carried out on Feb. 26.
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 = 0.7598 euros) (Reporting by Julien Toyer; Editing by David Cowell)