Ico defies Spanish gloom to print largest ECP clip of 2012

26 Jul 2012

Instituto de Crédito Oficial this week sold its largest euro commercial paper clip since October 2011 — and it was also able to print a tap of an existing bond despite Spanish government bond yields seeing extreme volatility.

The €300m 92 day clip, sold on Wednesday, was the largest ECP print of three months or longer since May 2011.

Ico is still able to attract international demand despite Spain’s difficulties, said CP dealers. And the Spanish agency followed up its CP success with a €50m tap ...

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