RBI’s debut draws demand with double digit spread

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By Bill Thornhill
25 Nov 2019

Raiffeisen Bank International (RBI) managed to attract a convincing order book for its debut covered bond issued on Monday following a roadshow, largely thanks to the rare double-digit spread it paid over mid-swaps, and the compelling pickup compared to its Austrian peers.

After completing a roadshow last week, RBI opened order books on Wednesday for a €500m no-grow 10 year Austrian covered bond. In contrast to other mortgage backed transactions, this deal was secured on a high proportion of non-Austrian mortgages originated in Central and Eastern Europe. 

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