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◆ Deal attracts more than €10bn ◆ Rarity of name and jurisdiction fuels demand ◆ No premium needed to take size
◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
Swiss bank is only the second institution globally to use the instrument
◆ Long deal 3.4 times covered ◆ No concerns about pricing in busy market ◆ Pricing through OATs no problem
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Investors have become increasingly picky in the face of a supply glut -
Issuers’ spread and size ambitions are limited as investors call the shots
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Oversubscription, 5bp price tightening and a smaller concession are reassuring signs for the asset class after a week of struggling deals
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Undersupplied five year point the ‘sweet spot’ for covered deals
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Some investors are waiting for covered bond spreads to widen before jumping into the primary market
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LF sparkles as DZ and Crédit Ag flounder further out
