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◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday
◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value
◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market
◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week
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A generous concession ensured execution certainty for the troubled lender -
Investors show less inclination to buy longer tenors from smaller names
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Issuer benefited from its credit strength and rarity in primary markets
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But demand was considerably below its debut offering
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The Finnish deal offered a substantial premium over benchmark sized deals
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The deal was driven by demand from banks with very little real money interest
