VUB issues debut Slovak euro benchmark

Slovakia icon 230px
By Bill Thornhill
19 Mar 2019

Slovak Vseobecna uverova banka (VUB) attracted a €2.5bn orderbook from 160 mostly new investors on Tuesday for its first benchmark covered bond and the debut benchmark from Slovakia. The deal sends a strong signal to other borrowers across Central and Eastern Europe, where several banks are lining up with debut benchmarks of their own.

After completing a roadshow and announcing its intention to proceed with a deal on Monday, VUB opened order books on Tuesday for the Aa2-rated €500m five year Slovakian mortgage covered bond with initial guidance of 40bp area over mid-swaps.

Joint leads on the deal were

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