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◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday
◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value
◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market
◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week
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Novelty and high quality asset pool fueled demand for the bumper print -
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
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More covered paper expected in Swissies as euro issuance goes quiet
