Record spread helps BBVA re-open cédulas market

July 21, 2010 12:00 am

Banco Bilbao Vizcaya Argentaria on Monday launched the first big new Spanish covered bond in three months on the back of improved market sentiment for Spanish debt. A record re-offer spread of 195bp over mid-swaps, the tight end of guidance, attracted more than Eu3bn of orders to the three year mortgage-backed issue, which was sized at Eu2bn. Will other cédulas issuers be tempted to follow BBVA into the market? Read EuroWeek on Friday to find out.

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