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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
The awards recognise the market's leading deals, issuers, banks and other participants
◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
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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
