Bankinter prices 20bp through its own curve

Bankinter has taken advantage of robust demand for higher yielding Spanish bank debt and, following the huge success of Caixabank’s three year senior deal, it launched a 3.5 year Cédulas on Thursday. The search for yield was strongly in evidence and, in little over an hour, the borrower attracted a book that was more than seven times covered, allowing it to fix the spread 25bp inside initial price thoughts.