Results of a recently-closed tender offer for structured bonds by Spain’s Catalunya Banc indicate that investors’ attachment to this paper is stronger than anticipated, at least at the prices offered by the issuer, according to a note by Barclays Capital analyst Dipesh Mehta.

The originator was offering to snap up €900 million ($1.18 billion) worth of paper across several programs: 31 RMBS bonds via the Hipocat shelf; three SME-backed bonds; and two covered bonds.

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