Spanish non-preferred take-off tipped for September

By Tyler Davies
26 Jul 2017

Spanish banks will return from their blackout periods this week but market participants believe it is unlikely that the country’s issuers will jump into issuing non-preferred senior debt in August.

Santander has already begun raising non-preferred senior bonds using contractual clauses. But none of the country’s banks has printed a non-preferred senior bond in a core currency since Spain passed a Royal Decree Law earlier this month, creating the legal basis for issuance in the newly created ...

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