Andbank issues inaugural Andorran covered bond

By Bill Thornhill
18 Jul 2017

Andorra Banc Agricol Reig SA (Andbank) successfully priced its first covered bond and the first ever from the principality of Andorra this week. The transaction’s small size and novel structure ensured a wide spread that enabled the borrower to increase the deal size.

After sole lead JP Morgan took the structured covered bond on the road last week, Andbank opened books on Tuesday for a €75m BBB+ rated five year floating rate deal due July 2022.

The deal size ...

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