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First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours -
◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
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◆ Debut deal spotted tighter in secondary ◆ Some investors keen to get lines in place for future issues ◆ Buyers fine with unusual structure
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◆ Issuer meets target with debut deal ◆ Deal comes 2bp back of recent Italian supply ◆ Trade follows two day marketing period
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◆ Issuer takes £750m with first deal since 2021 ◆ Trade the joint tightest three year deal of 2024 ◆ Small premium paid
