The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Structured credit market round-up

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. Although Spain's Bancaja has recognized this dynamic for some time, a number of SME issuers have also come to appreciate this. BCP, BPI and BES from Portugal are also said to be paying fees.

Rumour mill

A number of value-in-force, sometimes known as embedded value, securitizations are expected by the final quarter of 2005. In fact at least three deals are in the works although there could be more. These asset-backed deals are highly complex transactions executed on behalf of insurance companies as a means of freeing up capital. Such transactions are highly efficient, counting as tier 1 with the UK regulator, although other, continental, European insurers are looking at the tool.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree