Tuesday, May 28, 2013

Reuters: Bankruptcy News: Caja Rural de Navarra tests interest for 5yr covered bond

Reuters: Bankruptcy News
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Caja Rural de Navarra tests interest for 5yr covered bond
May 28th 2013, 13:17

By Aimee Donnellan

Tue May 28, 2013 9:17am EDT

LONDON, May 28 (IFR) - Spain's Caja Rural de Navarra is testing interest for a five-year euro covered bond on Tuesday at 215bp area over mid-swaps, according to a market source.

Lead managers Barclays, Credit Agricole, DZ Bank and Banco Cooperativo Espanol are planning to price the bond during Wednesday's business.

The transaction, to be rated A3 by Moody's, follows a similar deal from Cajamar at the beginning of May. That issue was a EUR500m three-year covered bond that priced at mid-swaps plus 290bp. (Reporting by Aimee Donnellan, editing by Julian Baker)

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