Nordea enjoys best covered demand of 2018

By Bill Thornhill
17 May 2018

Nordea issued a €1bn seven year bond on Thursday and attracted the highest subscription ratio of any euro covered bond of this size in 2018, while pricing with a tiny new issue premium. The execution offers further evidence that covered bonds are on a solid footing, in contrast with other sectors.

Nordea mandated HSBC, LBBW, Nordea, Société Générale and UBS on Thursday and simultaneously opened order books with initial guidance at flat to mid-swaps. 

Demand stood at €1.5bn after 90 minutes and, after two hours 40 minutes, with demand of over €2bn from more than 80 ...

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