BankInter prices tighter as cédulas issuers jostle

After Banco Sabadell reopened the cédulas market last week, Spain’s BankInter has priced a new, tighter Eu1.5bn two year cédulas at 52bp over mid-swaps. Bancaja has also mustered a Eu1bn deal on a smaller order book at wider pricing. Despite the burst of supply and apparent lack of co-ordination among the issuers, the Spanish sector is holding up and indeed offering encouragement to the wider market.