◆ Spanish bank offers small NIPs for dual tranche deal ◆ Deal useful benchmark for other Spanish bonds ◆ Skew in demand reflects sensitivity at long end, says banker
◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
