Bluestep issues first Swedish near-prime covered

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By Bill Thornhill
23 Apr 2020

Bluestep Bank has issued its first covered bond and the first Swedish transaction secured on mortgages that are not prime. The deal offered a juicy pick-up to prime benchmarks, but still provided a competitive and diversified source of funding.

The three year covered bond was issued on Monday following a virtual investor roadshow and was priced in line with initial guidance at 58bp over three month Stibor via joint leads Danske Bank, Nordea and SEB. The spread was set from the outset to reduce uncertainty for investors. ...

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