The same source, Expansión, this morning has published the actual yield of yesterday's BBVA issue of cédulas hipotecarias. For all the fury of '195 over mid-swaps', it turns out to be 3.5% - about 80 bps over similar duration Spanish government debt.
More astute readers will note that embedded in this differential is the opinion real money has on the weighting sovereign default risk should have in any bank stress test - or on any outstandingly malignant future for the Spanish real estate industry. They are both approximately zero.
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