Bancaja stumbles as eight proves step too far for Spain’s issuers
Bancaja cut the size of a three year cédulas hipotecarias transaction from a targeted Eu1bn to Eu750m this week as demand for Spanish covered bonds proved to have been sated after a hectic fortnight.
In the past two weeks eight Spanish banks have raised a combined Eu7.825bn from 10 benchmark covered bond issues.
This, in turn, came at the end of a quarter in which euro benchmark covered bond supply from all jurisdictions reached Eu64.925bn, according to Dealogic, making it the busiest ever
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