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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 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
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The five year tenor ensured swift and certain execution for UniCredit AG, enabling the spread to be tightened more than usual
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BPCE issued the largest French covered bond since April 2020, attracting immense demand in the last half hour from newly returned fast money accounts and intermediaries
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Demand for ING’s five and 15 year covered bonds was tilted towards the short end catalysing curves to steepen across the board
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Deutsche Pfandbriefbank (PBB) prioritised size over spread for the first Reg S dollar covered bond to be priced against Sofr mid-swaps.