UniCredit extends covered curve at tighter spread

By Bill Thornhill
13 Mar 2019

UniCredit Bank Austria returned to the covered bond market for the second time this year on Wednesday extending its curve with a a new 10 year deal.

The bank issued a €500m 10 year at 15bp over mid-swaps, 3bp tighter than where it issued a seven year in early January. 

The result illustrates just how well the Austrian market has performed. 

Typically, Austrian Pfandbriefe trade with a 6bp-7bp premium over German Pfandbriefe but this deal came in ...

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