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◆ Book grows after spread set ◆ Premium offered to investors ◆ Recent sovereign downgrade not a concern
◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal
◆ Rival bankers call deal 'a great success' ◆ Dollar spread vs euros 'swung back to issuers' ◆ Cost of carry vs locking tight spreads
◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic
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◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility -
◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints
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◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values
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◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
