Weekly Covers
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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals -
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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◆ Window was 'most important part of transaction' ◆ Fair value estimated ◆ Amount of spread tightening 'become more common'
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New issue premium was zero, agreed those on and off the deal
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This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
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Investors are getting plenty of state owned issuance from Kazakhstan this month
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◆ Second public euro deal for Volvo this year ◆ Demand stays firm through pricing ◆ Small new issue premium spotted
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◆ Large order book ◆ Flat to CDC pricing ◆ More SSA issuance expected on Wednesday
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
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◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
