Nordea
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◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated -
◆ Lender's first covered since September 2024 ◆ Deal was fixed at €500m and tightened by 5bp ◆ Banker said the trade offered 1bp of new issue premium
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The Norwegian bank is planning to issue 'in the near future' its first covered bond since September 2024
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◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October
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◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker
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◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs
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Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
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◆ Italian bank amasses €3bn-plus book for second covered of 2025 ◆ Bond issued at 45bp in line with Italian BTPs ◆ Bank said order book improved through the morning
