Hannover to take sub-benchmark sized route
Sparkasse Hannover has joined Wüstenrot Bausparkasse in the euro covered bond pipeline. Both issuers are likely to get strong executions for their sub-benchmark Pfandbriefe which may no longer need to offer a premium relative to benchmark deals. At the same time, Sparebank 1 Boligkreditt has mandated leads to market its first covered bond in sterling.
Sparkasse Hannover has mandated DekaBank, DZ Bank and NordLB for a roadshow that is due to begin on November 8. A long-dated euro sub-benchmark mortgage Pfandbrief rated AAA by Fitch is expected to follow.
The German issuer follows Wüstenrot Bausparkasse, which last week
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