Covered bond issuers price flat to fair value

By Bill Thornhill
16 Jan 2020

A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada and OP Mortgage Bank were able to price covered bonds flat to fair value this week.

Banco Sabadell hit the markets on Monday, racking up demand of more than €3bn for its €1bn eight year Cédulas — its first covered bond since April 2017. It was the largest covered bond order book so far this year.

The deal, rated Aa1/AAA byMoody’s and DBRS, was ...

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