Cédulas expands with new programmes from Bancofar and Caminos

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By Bill Thornhill
26 Nov 2020

Spanish pharmaceutical bank specialist, Bancofar and its parent, Banco Caminos, which provides finance to civil engineers, have set up small covered bond programmes that have been assigned an Aa1 rating by Moody’s.

Banco Caminos expects to issue a €250m Spanish Cédulas secured on a €424.3m mortgage cover pool and its Bancofar subsidiary expects to issue a €150m Cédulas secured on a €363.5m pool, making the two programme among Spain’s smallest.

The covered bonds to be issued by Banco ...

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