The world’s best borrowers in 2006
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“Our strategy is to be as market-friendly as possible, to access the market at the right time and to not be opportunistic”
Lola Manterola |
If the largest issuer in the largest issuing market issues the largest-ever covered bond, it becomes a serious contender for this year’s borrower awards.
AyT Cédulas Cajas launched its record-breaking benchmark €5.4 billion covered bond last December, the largest ever issued. The transaction broke another record with a €2 billion seven-year FRN tranche, the largest-ever floating-rate covered bond, which accompanied a 17-year and a 10-year fixed rate tranche. It was the first deal AyT, a platform that pools the cédulas hipotecarias of 43 Spanish saving banks, had done under the new AyT Cédulas Cajas Global programme. The programme is expected to run for 20 years, and has a total volume of €200 billion....
