Rentenbank undersubscribed amid lack of NIP

Volumes down fotolia
By Burhan Khadbai
25 Jun 2019

Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.

Following the mandate announcement on Monday for a €500m December 2029 bond, leads Crédit Agricole, Goldman Sachs and NatWest Markets opened the books on Tuesday morning with the spread of mid-swaps minus 15bp area.

The bond was priced with the spread unchanged at minus 15bp ...

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