Santander set a new milestone in the covered bond market on Wednesday with its €1.5bn 10 year, which was one of the most oversubscribed deals of this size and tenor in years.
The Spanish deal attracted demand of €3.7bn from around 130 investors giving an oversubscription ratio of 2.5 times. Over 10 accounts placed orders of more than €100m.
Joint leads on the deal were Banca IMI, Deutsche Bank, NatWest Markets, Nomuraand Santander.
After Rabobank's €2bn 10 year issued in January this