NN prices higher yielding 20 year inside fair value

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By Bill Thornhill
23 Feb 2021

NN Bank took advantage of rising yields to issue a 20 year covered bond on Tuesday which was priced inside fair value.

After mandating leads on Monday, NN Bank opened order books for the €500m March 2041 with price guidance of 7bp area over mid-swaps.

After one hour, it had attracted an order book of more than €1bn. After almost two hours, when demand stood at €1.7bn, the spread was ...

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