S&P upgrades BBVA, but will the market listen?
The dislocation between credit news and secondary market spreads was highlighted last week by Standard & Poor’s upgrade of Banco Bilbao Vizcaya Argentaria from AA- to AA and Fitch’s downgrade of Düsseldorfer Hypothekenbank to the brink of junk. But this was just one of several clashes between perception and reality identified by analysts at the Marcus Evans covered bond conference late last week.
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