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.
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.