Pfandbrief issuers benefit from rarity, LTRO liquidity
Covered bond bankers of a bygone era could never have envisaged German Pfandbrief issuers benefiting from rarity value in a January window. But deals from Aareal Bank and Deutsche Pfandbriefbank (pbb) this week appeared to show this had become reality.
German issuers were glaringly absent during the first week of issuance, marking a contrast with last years start in which Münchener Hypothekenbank re-opened the market and UniCredit Germany followed shortly after. This year it was up to smaller German names to make the first move.
Aareal launched the
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