Danish Ship Finance plots maiden voyage

Maersk Ship Load
By Bill Thornhill
21 Mar 2019

The unique assets and business model of Danish Ship Finance meant the price discovery process was much more challenging for its first euro covered bond than is typical. However, with a conservative starting spread the issuer reeled investors in for its inaugural euro benchmark on Thursday.

ABN Amro, Danske Bank, LBBW and UniCredit opened order books on Thursday with price guidance of 42bp area over mid-swaps for the 3.5 year single-A rated covered bond secured on shipping loans.

After 40 minutes, orders exceeded €500m, and after three hours 35 orders ...

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