Erste flies high as Cred Ag gives spread

Cobham Lockheed Martin jet from PA 230x150
By Bill Thornhill
04 Sep 2019

Erste Group and Crédit Agricole competed for covered bond investors’ attention at the long end of the curve on Wednesday with a rise in yields helping boost demand, particularly for the Austrian deal which started with a generous spread. At the same time Deutsche Hypo issued a three year.

Erste Group issued a €500m 10 year at 6bp over mid-swaps from 10bp initially and an interim level of 7bp and demand of €2bn from 83 high quality accounts. Joint leads were Erste GroupHSBCINGLBBW and Nykredit.

With the issuer’s January 2028s and May 2034s respectively indicated ...

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