Cades flies flag for SSAs

December 02, 2009 12:00 am

Cades has issued a Eu3bn five year via Barclays, BNP Paribas, HSBC and RBS in a market devoid of other SSA supply and with nothing apparent in the pipeline. Some have criticised the issuer for printing such a large deal based on a book size of only Eu3.2bn but it achieved big size at a tight mid-swaps plus 7bp and locked in a very low coupon of 2.625%.

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