NAB prices inside CBA and with more demand for its Sonia first

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By Bill Thornhill
28 Jan 2020

National Australia Bank attracted healthy demand for its £1bn five year Sonia-linked covered bond issued on Tuesday, pricing the deal much tighter than where Commonwealth Bank of Australia issued two weeks ago with more demand and at an equivalent cost of euro funding.

NAB mandated Barclays, Deutsche Bank, NatWest Markets, RBC Capital Markets and TD Securities on Tuesday for its first Sonia-linked covered bond, simultaneously opening order books with initial guidance of 53bp over.

The closest comparable was CBA’s £1bn five year which was indicatively ...

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