UniCredit extends covered curve at tighter spread

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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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