Desio prices OBG inside fair value

Italy 230x150
By Bill Thornhill
16 Jul 2019

Banco di Desio e della Brianza took advantage of a recent 100bp rally in Italian government bonds to issue an Obbligazioni Bancarie Garantite (OBG) on Tuesday with a negative new issue premium.

Banco di Desio issued the AA Fitch rated €500m July 2026 OBG — an Italian covered bond — at 50bp over mid-swaps. That was about 3bp tighter than the bid side of its outstanding September 2024s. On that basis, the bonds were priced well inside fair value.

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