RLB-NW takes €500m of 10s as Dexia and BPIM set for return in 7s

Raiffeisenlandesbank Niederosterreich-Wien (RLB-NW) became the third Austrian bank in the last few weeks to launch a 10 year covered bond. By pricing tighter than the previous two, the deal showed investors are unconcerned about Austrian banks in general or Raiffeisenlandesbanks in particular. The result suggests Banco Popolare Societa Cooperativa (BPIM) and Dexia Kommunalbank will enjoy a solid reception for their seven year benchmarks due to be launched on Tuesday.