NIBC Bank and Axa SFH issued two tightly priced 10 year covered bonds on Tuesday. The French deal was initially slow to build, in contrast to the Dutch conditional pass through (CPT), which got an extra boost because of its positive yield.
NIBC Bank priced a €500m 10 year CPT rated ---/AAA/AAA at 21bp over mid-swaps from 25bp initially, with over 60 investors placing orders of more than €1.1bn and a new issue concession of 1bp.
Joint leads on the deal were ING
, NatWest Markets
, NIBC and