Bankinter flies on positive Spanish momentum
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 Bank, HSBC, Santander 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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