Sabadell reopens jumbo cédulas without harming spreads
Banco Sabadell has priced the first cédulas hipotecarias jumbo for more than five months this week, a Eu1.25bn two year issue, having attracted more than Eu2.5bn of orders. Investors breathed a sigh of relief as secondary spreads withstood the new issue, even if Sabadell’s peers were digesting the new levels being demanded for cédulas.
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