Investors flock to Slovenská’s positive yielding debut covered

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By Bill Thornhill
05 Jun 2019

Slovenská sporiteľňa’s first euro benchmark covered bond attracted strong demand from investors on Wednesday reflecting the transaction’s tempting returns in a largely negative yielding market, as well as its top credit rating.

The €500m seven year Aaa rated mortgage-backed Slovakian covered bond was priced at 19bp over mid-swaps from 25bp initially with demand of €1.6bn. CommerzbankDZ BankErste Group and UniCredit led the deal. 

The issuer has one outstanding €250m covered bond that was issued in November 2018 making Wednesday's deal its ...

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