Covered bond demand takes off as supply rises
BPCE took the lion’s share demand for the six covered bonds issued on Tuesday with its stand out two-part offering that was priced flat to the curve — along with other deals from OP Mortgage Bank, Deutsche Pfandbriefbank, UniCredit Bank Austria and Axa Bank Belgium, which issued its first transaction under a new and new and lower rated ownership structure.
The five covered bond issuers attracted demand of more than €11bn, with BPCE’s two-part eight and 15 year trade leading the pack. The six tranches issued on Tuesday represent a step-up from the four issued on Monday and the average daily rate of three issued last week....
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