Erste Group Bank
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◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker -
◆ Icelandic bank 'happy' with balance between spread and order book ◆ Treasurer noted importance of Aa1 rating ◆ New bond refinances 2021 issue
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◆ Finnish bank tightened by 8bp through execution ◆ Banker said 35bp starting point was 'spot-on' ◆ Second banker said deal went 'better than expected'
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◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs
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◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds
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◆ Pricing tightened 6bp from guidance ◆ Slim new issue premium assessed ◆ Bankers said demand has thinned for longer-dated covereds
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◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value
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Absence of larger covered bond issuers provides a window for smaller deals
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◆ OTP Mortgage Bank order book outstrips previous demand ◆ Tightening in line with recent performance, says banker ◆ OTP becoming 'more established' as covered issuer
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◆ Deal was priced tighter than the issuer's previous covereds ◆ Banker said spread tightening 'speaks for itself' ◆ Second banker put spread through FV
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◆ Hamburg-based bank tightened spread through execution ◆ Banker said MunHyp deal on Monday paved the way ◆ Second banker said deal benefitted from ‘stronger sentiment’
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◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution
