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Italy, which has an even heavier debt load and is further behind on its refinancing needs for this year, is under similar stress.
While the Spanish treasury has already covered more than half of its refinancing needs for the full year, analysts have warned that the recent level of interest rates paid by Madrid was unsustainable.
The region of Madrid itself has said it has already covered all its refinancing needs for the year, while Navarra, Galicia, Cantabria, Aragon and the Basque Country all seem to be on a sounder financial footing.
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Companies have limited choices for refinancing needs.
Greece's current bail-out deal with its European partners runs out at the end of February, and Greek banks still use the European Central Bank for refinancing needs.
Instead, corporate issuers with refinancing needs have turned to banks.
Maturities longer than the current 30-year maximum would reduce refinancing needs and appeal to institutions.
Portuguese banks, meanwhile, face a peak in their refinancing needs in January and February, while the peak for Spanish banks will come in March and April, Deutsche bank estimated.
The challenges for banks in the 16-nation euro zone include exposure to a weakening commercial real estate market, hundreds of billions of euros in bad debts, economic problems in East European countries, and a potential collision between the banks' own substantial refinancing needs and government demand for additional loans, the central bank said.
Its products include fixed- and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, HELOC and home equity loans.
Germany's medium-sized banks, for example, are weak and have big refinancing needs, but can still borrow at very low rates because investors reckon the state has the strength to back them.
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