New multi-cédulas to be biggest post-ECB test for covered bonds
Ahorro Corporación Financiera is preparing an AyT Cédulas Cajas issue for launch next week that could be the biggest test of the covered bond market since the European Central Bank’s Eu60bn purchase programme was announced.
A Eu1bn-Eu1.5bn five year transaction is expected via Barclays Capital, BNP Paribas, DZ Bank, HSBC and Landesbank Baden-Württemberg. The last multi-cédulas benchmark to have been sold publicly was a Eu1.05bn two year IM Cédulas deal priced at 10bp over mid-swaps in November 2007.
Multi-cédulas, which pool the issuance of
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