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◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans
German lender finds demand after record-breaking Pfandbriefzentrale deal
◆ Deal attracts more than €10bn ◆ Rarity of name and jurisdiction fuels demand ◆ No premium needed to take size
◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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Order books for sterling covered bonds have been slow to build and smaller than usual, despite a double digit spread widening -
A superb outcome for the the five year portion of the deal sharply contrasted with limp interest in the 10 year
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Modestly sized deals in intermediate maturities with a fair concession worked well
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Dutch bank became the first issuer to print a 10 year covered bond in five weeks
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The order book was price sensitive, but the subscription ratio was still strong
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The cost of funding was in line with what LBBW could have expected in euros
