Flat NIPs for triumphant trio as investors rush for paper

Three darts in bullseye 230x150
By Bill Thornhill
07 May 2019

Santander UK, Sparebank 1 Boligkreditt (Spabol) and Erste Group were able to price flat or through their covered bond curves on Tuesday after stoking up hefty demand for their new issues.

“Investors are desperate for anything, they’ll take whatever they can get,” said a covered bond banker in the wake of Tuesday’s three deals. 

May is typically a quiet month and many issuers have pre-funded with deals earlier this year, leaving a weak outlook for covered bond supply.

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