NIBC successfully launched a EUR 500 million conditional pass-through covered bond issue

Corporate News -

On 8 October, NIBC announced a new public benchmark under it conditional pass-through covered bond programme. The EUR 500 million transaction has a maturity of 10 years and a fixed rate coupon of 0.01%. The order book grew rapidly and reached EUR 1.2 billion. This high oversubscription allowed NIBC to tighten its initial spread from MS+25 to a final re-offer spread of MS+21, representing a yield of 0.046%.

The order book was made up of more than 60 investors. The German and Austrian investor bases were the largest contributors to the book with 67% of allocated orders, followed by the Nordics, Benelux and France. Asset managers were the biggest buyers, followed by banks. This transaction was joint-lead managed by ING, LBBW, NordLB, NatWest Markets and NIBC.

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