Covered Bonds
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Covered bonds in Portugal and Italy to benefit too -
Spread for €1bn five-year tightens 4bp while new issue concession lands at 6bp
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Sub-benchmark covered bond cannot be tightened as attractive window closes
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Investors confident after US CPI print lap up deals at 4bp-5bp NIPs
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Dealers away say rich pricing versus Pfandbrief led to disappointing orders
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Bankers away from the deal put the NIP at 1bp to 2bp
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Cost of long dated deals too much for borrowers despite clamour
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But rates uncertainty to keep borrowers away from the long end
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Vest Boligkreditt finds price traction as Oma issues its debut benchmark
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EU expected to syndicate a green bond
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DZ prices 36bp inside Oberösterreichische as the third consecutive trio of deals lines up
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Cost was lower than euros and cheaper than the bank's debut Sonia deal
