Totta’s paltry exchange; no hope for multi-Cédulas tenders

Banco Santander Totta got only a derisory take up for its RMBS to covered bond exchange — the first time a bank has offered such a swap. Meanwhile, analysts and lawyers dashed hopes for the tendering of low priced Spanish multi-Cédulas, saying that such exercises would be technically infeasible.

  • 10 Oct 2012
Out of €1.24bn HipoTotta notes eligible for the exchange, the bank accepted €1.4m of class ‘A’ notes from HippoTotta No 4 and around €1.6m of class ‘A2’ notes from HippoTotta No 5 with a weighted average life of seven years. These were exchanged for €2.3m covered bonds with ...

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