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◆ Swedish bank funds across the capital stack ◆ Latest euro covered bond launched to capture strong demand ◆ One of the tightest deals in three years
◆ Both issuers are linked to RBI Group ◆ Austrian bank prices with negative concession... ◆.... while RBI's Slovakian subsidiary pays premium for its largest deal in many years
◆ Second longer dated French deal in a row ◆ Issuer parks at a double digit spread inside the government's curve ◆ Concession paid
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
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But demand was considerably below its debut offering -
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
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Demand for the Dutch green debut was four times greater than for BSH’s Pfandbrief
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Cost of long dated funding in euros very attractive compared to sterling
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Long end covered bonds lure investors with both absolute yield and spread attraction
