Portuguese quality, scarcity help CGD price inside cédulas
Caixa Geral de Depósitos opened the Portuguese covered bond market this week with a Eu2bn 10 year obrigações hipotecárias, and successfully positioned itself in the middle of the covered bond credit and pricing spectrum.
Portugal's largest bank achieved this in spite of the country's small mortgage market and proximity to Spain — which is now the biggest covered market in terms of new issuance, and the most cheaply priced.
Arranger Barclays Capital, co-arranger CaixaBI (the investment bank of CGD), Nomura and Société Générale
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