Santander senior plagued by Spanish sickness
Santander’s recent five year senior unsecured bond continued to suffer in secondary markets on Monday, with some bankers seeing it bid around 320bp, some 70bp wider than re-offer. The widening came in spite of a tightening in Spain’s govvie curve, but bankers said investors were still focusing on Spanish bank debt, with some expecting spreads to gradually converge with Italian banks.
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