Calyon was mandated Joint bookrunner in a EUR 1.25 bn 4.25% 3-year jumbo covered bond issue in favour of Banco Espirito Santo. Banco Espirito Santo prepared this inaugural transaction through a pan European roadshow last November and awaited the re-opening of the market this year to meet the right timing. This successful issue was subscribed at mid-day and allowed Banco Espirito Santo to significantly broaden its investor base. This transaction will further enhance Calyon's position in the European bond market.