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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
◆ Tight deal needed no premium ◆ New investors buy the name ◆ Some short-dated covered bonds now trading through Länder
◆ Dutch bank scoops €1.5bn with three year deal ◆ Demand allows for tight pricing ◆ Next to no premium needed
◆ Book holds together despite strong spread revision ◆ No concession needed for popular print ◆ Investors find safe haven in covered bonds
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◆ LCR eligibility attracts accounts ◆ Deal follows extensive roadshow ◆ Issuer plans to close spread gap to peers over time -
◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours
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◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
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◆ Debut deal spotted tighter in secondary ◆ Some investors keen to get lines in place for future issues ◆ Buyers fine with unusual structure
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◆ Issuer meets target with debut deal ◆ Deal comes 2bp back of recent Italian supply ◆ Trade follows two day marketing period
