BPCE and Swedbank covered bonds draw solid demand despite ‘heavy traffic’

PA-UK M25
By Bill Thornhill
20 May 2019

BPCE and Swedbank attracted good demand for their sizeable 12 and six year covered bonds on Monday. Although the bonds were priced tightly, initial order book momentum was slow. The Swedish issuer did particularly well in the context of money laundering charges.

BPCE attracted an order book of almost €1.6bn for its €1bn 12 year, which was priced at 12bp over mid-swaps with a 2bp new issue concession. Pricing came in from 15bp area initially and a refined spread of 13bp +/- 1bp.

Lead managers on the deal ...

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