Danske Bank Joint Lead Manager and Bookrunner on NIB's EUR 1bn 3year Response Bond

The transaction represents NIB’s first ever Response Bond with the use of proceed earmarked to increase lending and help companies dealing with the serious consequences caused by the coronavirus Covid-19 pandemic

The largest ever orderbook for a EUR benchmark from NIB at EUR 3.2bn, enabling the transaction to price 3bps tighter than initial guidance. Top quality participation with Central Banks driving the deal (58%). Next largest were Bank treasuries (24%); Fund managers (12%) and Pension and Insurance companies (6%)

Highly granular and diversified orderbook with over 80 investors participating and balanced geographic split with Asia (21%); Benelux (19%); Nordics (12%), France (6%) and UK (4%). The rest of Europe took 32% while other regions took 6%  

Priced at MS+6, re-offer yield of -0.263%, with 3bps spread tightening from initial pricing thoughts at +9 and very little investor price sensitivity. 

Timing took advantage of the more constructive market tone and recent strong performance of the EUR SSA market since the onset of the Covid-19 crisis with the deal announced and issued intraday on Monday 30 March.

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