Erste flies high as Cred Ag gives spread
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 Group, HSBC, ING, LBBW and Nykredit.With the issuer’s January 2028s and May 2034s respectively indicated ...
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