Covered bonds off to frantic pace
The euro covered bond market has been hectic over the first half of this week, with eight deals having been priced by Wednesday morning, comprising Eu5.2bn of benchmark supply via five new Eu500m-plus issues and two increases, and a Eu300m tap for Hungary’s OTP Mortgage Bank. Banco Bilbao Vizcaya Argentaria on Wednesday morning launched the week’s ninth deal, a 3-1/2 year issue that is the fifth cédulas transaction to hit the market this week. Meanwhile, Portugal’s Banco Santander Totta has announced that it plans to access the market.
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