Tide turns for peripherals as Mapfre returns in senior
Spanish insurer Mapfre this week proved that investors are now willing to take on peripheral risk — if the price is right. Building on a success for Banco Espírito Santo a week earlier, the group built a €2bn book for a €1bn deal, but left nothing to chance, offering a 140bp premium over Spanish government bonds and sticking to a sensible three year maturity.
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