NordLB's renewable debut draws demand

Wind Turbines
By Bill Thornhill
20 Jan 2020

NordLB Luxembourg attracted exceptionally strong demand for its inaugural renewable energy covered bond on Monday — the first ever to be issued under the country’s new legal framework. This was despite the deal being sub-benchmark size and not eligible for the European Central Bank’s covered bond purchase programme.

The €300m deal, secured on renewable energy loans and issued under Luxembourg’s Lettres de gage (LdG) énergies renouvelables legal framework, attracted demand of more than €1.1bn and was priced at 23bp over mid-swaps, from 28bp initially. The guidance range had been 24bp plus or minus 1bp.  

Orders were quick ...

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