Investors flock to Desio’s covered bond debut
Banco di Desio e della Brianza attracted outstanding demand for its debut covered bond, reflecting its rarely seen juicy spread and a scarcity of Italian supply this year. At the same time investors were receptive to Raiffeisenlandesbank NiederÖsterreich-Wien's (RLB NÖ-Wien) first deal in two years.
After roadshowing Banco di Desio's inaugural deal in Italy last week, joint lead managers Banca IMI, BNP Paribas, Natixis, Société Générale and UniCredit, opened books for a €500m AA- rated September 2024 on Tuesday with initial guidance of 65bp over mid-swaps.
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