Kutxabank joins Spanish fiesta

The Spanish party continued on Friday when Kutxabank opened books for the fifth Spanish covered bond of the year. Demand for the no-grow €750m four year Cédulas trade was exceptionally strong, paying testimony to the high level of Cédulas redemptions as well as a renewed appetite for risk. But alongside those factors, the bank and its collateral pool are fundamentally sound. Belfius Bank has mandated joint leads for a 10 year.