Rabo’s tightest 20 year is 2020’s largest

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By Bill Thornhill
19 Nov 2020

Rabobank sold the largest 20 year covered bond of the year at the tightest spread it has ever achieved in that tenor on Thursday, illustrating superb market conditions.

Rabobank mandated joint leads LBBW, Natixis, NatWest Markets, UBS and its own syndicate team on Thursday and simultaneously opened order books with initial guidance of 6bp area over mid-swaps.

After two hours demand exceeded €1.5bn. After three hours the order book stood at €1.6bn and the spread ...

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