Westpac takes size in sevens
Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.
Westpac opened order books for a seven and 15 year benchmark on Thursday, setting the initial spreads at 5bp area and 13bp area respectively.The book was quick to grow, with the seven year attracting €1bn orders and the 15 year bringing demand of more than ...
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