Spanish borrowers pay fees shock
According to structured finance bankers, Iberian borrowers are changing long-held issuance strategies. For years Spanish and Portuguese banks have demanded that their leads underwrite new issues for no fees – in fact some, such as Santander, have built a business model on demanding payment for the privilege of bestowing mandates. However, this is changing and the current talk is that some are determined to pay fees (only two to five cents) having realized that it’s a better way to secure good service.
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