NN Bank mandates for covered as higher yields boost supply hopes

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By Bill Thornhill
22 Feb 2021

NN Bank has mandated leads for a 20 year covered bond amid improved hopes of an increase in supply, as banks emerge from blackout to take advantage of the recent rise in yields.

NN Bank has mandated ABN Amro, Credit Suisse, Rabobank, Societe Generale and UniCredit for a €500m 20 year soft bullet covered bond, to be issued on Tuesday, subject to market conditions.

The borrower’s 0.05% September 2035 was indicated at flat to mid-swaps on Monday, in line with Caffil’s ...

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