Spanish government debt issuance competing with structured products, say providers

Bank of Spain has stopped high-yield deposits

As the so-called deposit wars in Spain are brought to a close by the Spanish central bank, the country's structured products market faces a new challenge in the form of retail bonds issued by regional governments.

Catalonia and Valencia are just two of the semi-independent regional governments that have targeted retail investors with bonds issued in small denominations. Catalonia issued the first of these bonds at the end of last year, and followed with a second issuance programme at the end of

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