Bancaja hits benchmark size but provokes questions

Bancaja came hot on the heels of BankInter yesterday (Tuesday) afternoon to price a new Eu1bn two year cédulas at 65bp over mid-swaps. The issuer declared itself pleased to have launched its first benchmark deal so soon after the market’s reopening. Despite concerns over execution, the leads said worries over the order book and an apparent lack of coordination with BankInter were refuted by the successful pricing of both deals.