Some more details about Spain’s bad bank are filtering through, mainly on how it might function in practice. And analysts are finding that the more they find out, the more concerns they have. Bank of Spain released its presentation on the Asset Management Company, known as Sareb by its Spanish-language acronym, last month. At the time, it raised eyebrows, including our own, about how they were planning on pricing the assets. (Based on “real economic value” with some adjustments. Ireland’s Nama showed how open to interpretation that measure was…) On Thursday Credit Suisse’s Ignacio Cerezo and Andrea Unzueta summed up ... (full story)