Debt markets were given a significant confidence boost yesterday when Santander, Spain's largest bank, launched a programme to buy back securitised bonds with a face value of €16.5bn ($23.6bn).
The deal, believed to be the biggest of its kind, is expected to help stabilise some debt markets by setting a floor for prices for securities that are often hard to value.
The bank said in a regulatory filing that the offer covered 27 different issues of bonds backed by mortgages, consumer credits and business loans.
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