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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 show less inclination to buy longer tenors from smaller names -
Issuer benefited from its credit strength and rarity in primary markets
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But demand was considerably below its debut offering
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The Finnish deal offered a substantial premium over benchmark sized deals
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The deal was driven by demand from banks with very little real money interest
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Demand for the Dutch green debut was four times greater than for BSH’s Pfandbrief
