Banco Bilbao Vizcaya Argentaria priced the first benchmark bond for a Spanish bank in three months on Monday, selling a Eu2bn three year covered bond on the back of improved sentiment for Spanish debt and a record re-offer spread.
The mortgage-backed deal was the first big new cédulas to hit the market since La Caixa priced a Eu1bn three year public sector issue on April 20. It was also the first euro benchmark bond for a Spanish financial institution since Banco Santander and BBVA went head to
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