Autumn supply starts to shed sovereign fear factor

Spanish covered bonds have had a difficult ride this year, as concerns over the sovereign’s debt burden pushed spreads wider and hindered market access for the country’s banks. But with cédulas issuers playing an active part in the covered bond market’s re-opening after a summer break, the autumn has brought hopes that the worst could be over for the global covered bond market’s biggest benchmark jurisdiction. Susanna Rust reports.