NBC shows spread trumps yields
![TDswapspreads](https://assets.euromoneydigital.com/dims4/default/1c3040a/2147483647/strip/true/crop/200x173+0+0/resize/840x727!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fea%2F00%2F7747d66d1d18a6281a0861395e24%2Ftdswapsmall.jpg)
National Bank of Canada’s €500m seven year covered bond issued on Thursday, showed that a positive spread to mid-swaps has a greater impact on demand than a positive yield.
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