ING
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Banker had been with Dutch lender for just over a year -
◆ Canadian bank had primary market to itself ◆ Deal offered small new issue premium, says banker ◆ EBC meeting expected to close the pipeline tomorrow
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◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
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Nine tranches of covered bonds in three days this week suggested supportive conditions ahead
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The bank has been added to DNB's list of registered covered bond issuers
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◆ French lender opted for no-grow format ◆ Issuer landed tighter euro covered in January ◆ One of the day's three covered deals
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◆ Canadian bank tightened spread by 6bp ◆ Euro benchmark deal placed at €1.25bn ◆ Canadian issuers have been busy in past three months
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◆ Belgian issuer tightened spread by 7bp ◆ Order book broke €2bn before closing at €1.9bn ◆ Deal offered a minimal new issue premium, a banker said
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◆ Banker said deal offered small new issue premium ◆ Green label was 'helpful' if not 'decisive' ◆ Bank has issued 15 tranches of covereds in three years
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◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023
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◆ OTP prices 10th Eastern European covered this year ◆ Order book was twice the deal's size ◆ Tuesday's only benchmark deal
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Central and Eastern Europe earmarked as an area of growth by market participants
