VUB and SR covereds succeed with spread

By Bill Thornhill
18 Jun 2020

Covered bonds issued by SR Boligkreditt and Vseobecna uverova banka (VUB) this week were well subscribed, reflecting the generous spreads they paid compared to deals by issuers from core Europe.

SR Boligkreditt issued a €750m 0.01% June 2027 on Thursday which was initially marketed at 16bp area over mid-swaps and attracted orders of €1bn in the first hour.

Demand peaked at €1.5bn, before subsequently falling to €1.3bn when the spread was finalised at 12bp. 

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