Eurohypo's rarity lets its covered bond flourish as bear market hammers cédulas
The volatility in fixed income markets hit the Eu8.5bn of new covered bond issues this week, and the Spanish cédulas market, already struggling under heavy supply, was worst affected.
Eurohypo's Eu2bn five year jumbo Pfandbrief survived unscathed and Abbey managed to get its Eu1.5bn 15 year away at the low end of size and price expectations. But Cédulas Grupo Banco Popular 2 and Cédulas TDA had to be priced outside initial guidance.
"There is no doubt that it
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