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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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The short tenor proved a decisive factor in capturing bank investor interest -
Sizeable deal could have been even larger had a shorter maturity been chosen
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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
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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
