Leads puzzled by big account absence in Pbb four year
Deutsche Pfandbriefbank (Pbb) was surprised by a lack of demand for its senior unsecured deal on Monday, particularly from larger accounts that had expressed a preference for the chosen four year maturity, lead managers told EuroWeek Bank Finance.
The €500m transaction was fully subscribed, but lead managers Commerzbank, Deutsche Bank, DZ Bank, LBBW, and UniCredit helped with orders of their own.
The lacklustre response came despite the borrower offering a new issue premium of between 15bp and 20bp, said one banker who worked on the deal.
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.