On November 18 Bank of New Zealand (BNZ) (AA/Aa2) priced its first euro-denominated covered bond, issued off the bank's NZ$3 billion (US$2.3 billion) covered bond programme. The EUR1 billion (US$1.35 billion) seven-year deal priced at euro mid-swaps plus 62 basis points, which equates to 90 basis points over dollar-Libor. With an order book of EUR1.35 billion and 60 accounts participating, the issuer says there was strong demand for this debut.