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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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Canadian lender printed €5.5bn with an €11.2bn book -
After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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Subscription ratio of 5.7 but rival bankers debate premium
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UK lender prints largest single tranche covered bond from a foreign issuer since last August
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Some rival bankers said ‘wrong day’ to issue as spread debated
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Bankers away say 12 year “good value” while dual structure a “defensive approach”
