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◆ Market's 'green light' buoys long end deal ◆ Sizeable books sticks together during pricing ◆ Attractive pick up offered to sub-sovereigns
◆ Singaporean lender achieves both price and size ◆ Slim concession offered ◆ Short tenor stands out
◆ Issuer plans regular euro presence ◆ Deal comes flat to Swedish krona ◆ Five years appeals to the deepest pocket of investors
◆ Deal is Achmea's second in five weeks ◆ Investors eager to pick up no-grow deal ◆ Small premium left for performance
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Achmea and SMTB lacked traction as issuers left to mull cooling sentiment
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Novelty and high quality asset pool fueled demand for the bumper print
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Demand was less than the previous French duo, but compelling for the larger deal size
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After an abysmal September, covered bond volumes began to improve on Tuesday, as Caffil and Nationale-Nederlanden Bank returned to the market to raise €750m apiece, and Danish Ship Finance announced a new three year deal and a tender offer.
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The deal attracted half the demand of compatriot issuer's, but was priced far tighter
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The wide starting spread suggested a great deal of price discovery