CaixaBank pays up for senior to avoid encumbrance
CaixaBank, which printed a €1bn 3.5 year bond on Monday, opted for the senior unsecured format — paying a large new issue premium — to refinance a maturing covered bond rather than rolling over the covered debt because it did not want to tie up collateral, EuroWeek understands. Elsewhere, Santander Consumer Finance brought a €1bn April 2015 bond on Tuesday.
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