The take-up rate on a Caja Madrid and Bancaja jumbo liability management exercise released on November 19 could spur on other issuers seeking to tackle their mountain of debt refinancings.
The issuers were targeting Eu16.8bn of outstanding securities through 12 notes, five of which were government guaranteed, five of which were senior and two of which were cédulas. The borrowers were offering investors the chance to exchange out of the old securities into either a new three year
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