Bankinter flies on positive Spanish momentum

Spanish Bull
By Bill Thornhill
29 Jan 2018

Bankinter followed last week’s blow out sovereign issue from the Kingdom of Spain to launch a covered bond on Monday. With an unreconciled order book of €1.6bn and little price sensitivity, the offering contrasted starkly to earlier peripheral covered bonds seen this year.

Lead managers Bankinter, Deutsche BankHSBCSantander and Société Générale opened order books for a €500m Aa2/A+/-- rated 10 year Cédulas Hipotecarias on Monday with initial guidance of mid 20bp area over mid-swaps.

After one hour 20 minutes orders exceeded €1bn and a short while later, when demand ...

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