ASB extends covered curve with tightest price yet

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By Bill Thornhill
09 Oct 2017

ASB Finance reaped the rewards of a comprehensive roadshow and strong market conditions to issue its tightest and longest covered bond ever this week.

The New Zealand-based covered bond issuer opened order books on Monday for a €500m seven year with initial price guidance of 14bp over mid-swaps.

After quickly attracting orders in excess of the deal size, the spread was refined to 10bp-12bp before being set at the tighter level.

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