ICO takes puttable plunge

Instituto de Crédito Oficial sold its first puttable FRN this week after initial reluctance to issue in the structure. BBVA placed a Eu200m deal for the borrower at a quite tight spread, as demand for puttables remains strong in the quiet market. Covered bond private placements have also constituted considerable flows, and several borrowers have sold covered notes this week. Read EuroWeek for more details on the ICO trade and other flows in the market.