Nordea issues tightest non-German covered of 2019

By Bill Thornhill
11 Mar 2019

Nordea managed to raise €1.5bn of seven year funding at 4bp over mid-swaps on Monday — the tightest spread of any covered bond issued this year, other than in Germany. But subscription ratios for core covered bonds are falling and some key investors are lowering their orders.

Order books were opened on Monday for the March 2026 with initial guidance set in the 8bp area over mid-swaps, which offered a substantial pick up of about 7bp to the issuer’s curve. 

Nordea’s outstanding May 2025s and March 2027s were indicated at 0.5bp through and 3bp over mid-swaps ...

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