Iberian covereds enjoy solid comeback after long hiatus
Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
Banco Santander Totta returned to the covered bond market this week to issue the first Portuguese deal in 18 months. It was not only the bank’s longest and largest deal ever, but one that was priced at a record spread through government bonds.
Totta followed Banco
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