Stadshypotek’s tightly priced covered appeals to fewer than usual
Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.
Stadshypotek priced the Aaa-rated €500m deal backed by Finnish residential and public assets at 1bp through mid-swaps, with an order book of more than €1bn.Initial guidance was 2bp area, and with more than €850m in orders, guidance was refined to mid-swaps flat. Joint leads on the deal ...
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