Seminal BBVA

Banco Bilbao Vizcaya Argentaria’s five-year cédulas hipotecárias was a seminal deal, not only in the history of covered bonds, but in the way the market relates to the wider Supra Sovereign Agency sector and credit markets. The sheer size of the book, along with the number and type of accounts, illustrated beyond any doubt that the covered bond market has moved from its almost quirky and provincial origins to centre stage in global bank financing.