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Emerging Markets

Widest-ever cédulas reopens covered bonds

Banco Pastor reopened the covered bond market this morning with the widest-ever public triple-A covered bond, a two year cédulas hipotecarias of Eu500m-Eu1bn at 73bp over mid-swaps. The leads tightened guidance from 75bp when orders topped Eu1bn. Market participants say Spanish issuers have been forced to come at increasingly wide spreads as recent new issues have failed to tighten in the secondary market. Last week Swedish Covered Bond Corp pulled a deal in mid-bookbuild.

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