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FIGCovered Bonds

BBVA weans off ECB but issues too much

After three senior euro bond issues this year, BBVA this week chose to extend the duration of its liabilities with the issuance of its first covered bond of the year. At 100bp through the sovereign, BBVA was the first Spanish bank to borrow significantly cheaper than the government. However, at €2bn the deal size was too large and led to a dismal secondary market performance.

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