WL Bank wins over central banks with three year
WL Bank priced the shortest fixed rate euro denominated covered bond of the year on Tuesday, at the tightest spread of any transaction since November 2012. Bankers off the deal questioned why any investor would pay such a tight price, while those on the deal said the cheap funding reflected the issuer’s high quality appeal.
Joint leads Barclays, BayernLB, DZ Bank, NordLB and WGZ Bank had set initial price thoughts at mid-to high single digits through mid-swaps, and refined this to guidance of 9bp through mid-swaps area.
The €500m Öffentlicher-Pfandbrief, or public sector backed German covered bond, due February 2017 was priced at
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