Covered bond funders circle around senior
Specialist mortgage bank Muenchener Hypo (MuHyp) and savings bank Sparebanken Vest, which typically fund in covered bonds, are both looking for unsecured funding this week. MuHyp is looking to tap one of its strongly performing senior issues, while Sparebanken Vest is marketing its debut senior unsecured issue in euros.
MuHyp hired BayernLB, DekaBank and DZ Bank to arrange the tap of its €250m 0.865% 2024s, opening books on Tuesday and starting the pricing at 20bp area over mid-swaps. The German issuer was looking to increase the size of its outstanding bond by €125m.
MuHyp’s tap arrived as
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