Navarra scores success despite yield concerns

31 May 2013

Caja Rural Navarra this week priced an inaugural €500m five year covered bond at the tight end of guidance from a comfortably oversubscribed book. But concerns over absolute yield levels and a less than stellar performance of a recent Cajas Rurales Unidas issue could spook investors, bankers away from the deal warned.

After a roadshow last week, Navarra opened books for a five year Cédula Hipotecaria on Wednesday morning through joint leads Barclays, Crédit Agricole CIB, DZ Bank and Banco Cooperativo Espanol.

Leads took indications of interest at 215bp area over mid-swaps on Tuesday and opened books on guidance of 210bp ...

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