BPE issues its largest and tightest Cédulas

By Bill Thornhill
03 Apr 2014

Banco Popular Español (BPE) issued the third Cédulas of 2014 and at €1bn, the issuer’s largest covered bond in three years. Though it was by no means the most attractive spread this year it was less than half the average of its previous three deals.

Until this week only €1.5bn of Cédulas supply had hit the primary covered bond market, well below the €3bn-4bn that had been expected in the first quarter.

On Tuesday, investors were finally given a chance to rebalance their books and replace a tiny fraction of their rapidly shrinking ...

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