International investors flock to Berlin Hyp’s Pfandbrief
Berlin Hyp issued a well oversubscribed €500m eight year mortgage backed covered bond on Wednesday and attracted exceptional demand from foreign investors, even though the deal was priced tightly.
Berlin Hyp opened order books for an eight year Aaa (Moody's) €500m no-grow deal with guidance of 7bp through mid-swaps. The bonds were priced at 10bp through, following a revision to 9bp plus or minus 1bp, with an order book of €1.3bn.
Joint bookrunners on the deal were
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