Volksbank Wien prices flat to covered curve

By Bill Thornhill
11 Nov 2019

The covered bond market was on strong form at the beginning of the week, with Austria’s Volksbank Wien extending its covered bond curve with its second ever trade, which it priced flat to fair value.

Having mandated leads last Friday, Volksbank Wien opened order books on Monday for a €500m no-grow 10 year Austrian Pfandbrief with guidance of 11bp area over mid-swaps.

The trade was subscribed in little more than half an hour, with demand growing to €900m in approximately an hour, before peaking at €1.2bn. ...

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