Spain’s cajas dip toes in GG waters
As Europe holds its breath on Ireland’s future, Caja Murcia has successfully stepped into the government guaranteed market, printing a Eu500m deal at 210bp over mid-swaps on Tuesday. The deal comes as Caja Madrid and Bancaja are offering to exchange nearly Eu17bn of covered, guaranteed and senior debt for longer maturities. Friday's EuroWeek will have full market reaction on how Spanish borrowers are faring in these volatile markets.
Katie Llanos-Small +44 20 7779 7316
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