Deutsche Bank SAE positioned itself towards Spain’s national champions when it sold an inaugural, Eu1bn five year cédulas hipotecarias benchmark today (Tuesday), with bankers saying the deal sets the issuer up well for further visits to the market.

The debut hit the market this morning after the issuer completed a European roadshow last week, and a syndicate official at one of leads Deutsche, Bankia, Crédit Agricole, RBC and Santander said that almost all accounts that participated in the roadshow were in the order book.

“You never know how inaugural deals will go,” he said. “But with this being Deutsche Bank, investors are familiar with the underlying credit, and that helped get everyone on board.”

The leads launched the Eu1bn five year cédulas hipotecarias with initial price thoughts of the mid-to-high 40s over mid-swaps area. Guidance was then set at the 45bp area, before the spread was fixed at 43bp. The book closed at Eu1.6bn, comprising over 85 accounts.

“This is a fantastic result,” said the lead syndicate official.

He noted that the deal came flat to where CaixaBank priced a five year issue on 4 November and 5bp wider than a Eu1.25bn long five year from BBVA on Tuesday of last week (10 November).

“That puts Deutsche Bank SAE in a very good position for further issuance,” he said.

The lead syndicate official said the new issue offered a concession of 7bp-8bp from the secondary curves of comparable issuers, seeing five year paper from CaixaBank quoted at 35bp-36bp, mid.

A syndicate official away from the leads said Deutsche SAE had offered a slightly larger new issue premium than its peers, seeing CaixaBank’s at 40bp, bid, but said this was appropriate.

“With an inaugural trade you have to pay a bit more to get a good outcome, which they did,” he said. “It looks like a good debut.”

Another syndicate official said that it was only to be expected that Deutsche would position its Spanish issuance near to Spain’s national champions.

The new issue was seen coming around 6bp inside the Spanish sovereign.