Spanish cajas turn to GGs
Spain’s savings banks are emerging for a final throw of the GG dice before the current scheme closes at year end, with Caja Murcia launching a government guaranteed bond issue and Caja Madrid and Bancaja finalised pricing terms on their Eu17bn debt exchange on Tuesday morning.
Caja Murcia is printing a three year government guaranteed issue at 210bp over mid-swaps.
Lead managers Commerzbank, Crédit Agricole, DZ Bank and Santander are lead managing the transaction which is expected to be modest in size.
The spread guidance equates to around 90bp-93bp over where the Spanish governments
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