Cajamar buyback does better but scepticism rises

Cajamar Caja Rural passed one third of its tender offer target this week, a better result than many Spanish peers have achieved with ABS buybacks. But while Portugal’s Banco Santander Totta (BST) became the next Iberian bank to tender for its ABS, the continuing struggle is leading some liability management bankers to question whether ABS is suited to this type of transaction.