EUR New issues: EU, Greece, Aareal Bank

EU Commission 11 Nov 2020
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With the summer slowdown commencing and US banks under blackout a short list of new deals includes a long EU tap, a new 15y GGB and a 3y Covered bond.

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New issues

  • The EU plans a tap of its EUR 2.5% 2052 via Barclays, BNPP, Citi, LBBW and NatWest. The bond was last tapped in December 2022 for €500m at swaps +66bps, at which time bank treasuries took down 36% while banks accounted for 12%. Expected to launch on July 11.

     

  • Greece is preparing a new EUR 15y benchmark due Jul 2038 alongside a switch and tender offer for two GGBs, the €2.5bn 3.45% 2024 and the €3bn 3.375% 2025.  Leads are BNPP, BofA, DB, GS, JPM and NBG.

     

  • Aareal Bank plans a €500m short 3y Covered bond. Leads are Commerz, Danske, DZ, LBBW, UBS and UniCredit.  

 

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