BoQ offers yield ahead of TLTRO squeeze

By Jasper Cox
23 May 2019

Bank of Queensland was able on Thursday to shave off the new issue premium for its new covered bond. It offered a juicy spread at a time when supply of high coupon deals in the asset class is threatened by the European Central Bank’s liquidity operations.

The Australian bank came to the covered bond market on Thursday with a five year conditional pass through deal.

Joint lead managers BNP Paribas, Commerzbank, ING, National Australia Bank and UBS floated initial price thoughts in the 30bp area over mid-swaps.

With ...

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