Totta returns to covered bonds after four years to refinance ECB funding

By Bill Thornhill
27 Mar 2014

Banco Santander Totta this week returned to the covered bond market after a four year absence, choosing a three year maturity and a spread that ensured it was an easy choice for risk-averse and yield-hungry investors alike. The €1bn deal is likely to replace central bank funding.

Totta became the second issuer from Portugal to return to the covered bond market in 2014. On Monday it mandated joint leads for an Obrigações Hipotecárias. Caixa Geral de Depósitos is the only other Portuguese borrower to have tapped the covered bond market in euros this year, launching ...

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