UBI pays no premium for largest and longest covered bond
Investors piled into a Unione di Banche Italiane (UBI) €1.25bn 10 year Obbligazioni Bancarie Garantite on Monday, despite it offering no new issue premium and being the issuer’s largest and longest transaction in at least six years
The covered bond market remains in rude health, with UBI managing to attract a book of almost €2bn for its €1.25bn October 2027.
The reoffer spread of 35bp over mid-swaps gave a premium of 1bp to fair value and compared with an I-spread mid of around 33bp for its
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