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Stress tests offer no relief for Cédulas

Friday, June 22, 2012

The results of stress tests conducted by consultancies Oliver Wyman and Roland Berger on Spanish banks are unlikely to improve sentiment on Spanish Cédulas, analysts said on Friday.

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Covered bonds €500m+


Lead manager Amount
€(bn)
No of Issues Share %
1 UniCredit 3.46 22 8.4
2 Credit Agricole CIB 3.39 20 8.2
3 Barclays 3.35 18 8.1
4 BNP Paribas 2.75 13 6.6

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