Nykredit issues largest, longest covered bond

Nykredit tapped its 1% callable covered bond due 2050 on Wednesday to take it up to Dkr100bn (€13.4bn), making it the biggest long-dated covered bond ever publicly issued in Europe and highlighting the availability of long-dated funding for banks looking for alternatives to the glut of central bank liquidity made available to fight the economic effects of the coronavirus pandemic.
The bond has been tapped daily for the last three years and will remain an on-the-run deal for a further three months, suggesting it will grow even bigger before it is closed at the end of August. A cash price just below par — 98.20 on Wednesday morning
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