SPANISH COMPANIES HAVE until now shown little fear of complex financial products. “Spanish corporates are among the most sophisticated corporates in the market,” says Jean Daniel Lorenzo, who is in charge of Spanish clients in the strategic equity group of BNP Paribas’ equities and derivatives division. “They never discard a derivative solution just because it has the word derivative in it.” Spanish companies have been ramping up their use of derivatives in the past three years.
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