Euro
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Bigger concessions become an important way to mitigate volatility in swap spreads -
Previously mooted covered bond plans not completely off the table
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The spread was tightened by more than on any other covered bond in the past four weeks
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New issue concession diminished throughout the day amid sharp rates volatility
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A steep rise in four year yields to more than 1% sparked investor interest
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Spanish deal hits yield target for other insurers
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Despite less demand from the ECB, covered bond flows are in rude health
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Deeply subordinated capital paper attracts diverse demand
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Deal priced inside guidance in contrast to an earlier Slovakian deal from VUB
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Portugal and Council of Europe first to follow EU pathfinder trade
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Big brand still key as second tier firms find some parts of the market inaccessible
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Issuer’s price target was not met, but outcome was still impressive
