Investors chase KBC’s covered ‘with fervour’ despite large price revision

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By Bill Thornhill
17 Oct 2017

KBC Bank took full advantage of limited Belgian covered bond supply this year to radically tighten pricing for its first deal of the year, only the second Pandbrieven of 2017.

The issuer mandated leads and opened order books for a €500m no-grow 10 year Aaa/AAA rated mortgage-backed Belgian covered bond (Pandbrieven) at 1bp though mid-swaps area on Tuesday.

After almost two hours, and with orders of €1.35bn, the spread was revised aggressively tighter to 5bp through ...

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