Pfandbrief trio survive on domestic bid
It might have been a French issuer to have restarted benchmark activity in the euro covered bond market this week but all the subsequent supply came from German and Austrian Pfandbriefe issuers. Of the three small, overwhelmingly domestic transactions only a debut from Austria’s Raiffeisen Landesbank Steiermark could be deemed an outright success.
HypoVereinsbank and Pfandbriefbank (pbb) suffered from smaller ticket sizes and less granular order books than usual. Syndicate officials said they are awaiting a jumbo transaction from a top tier name before declaring the market properly re-opened.
RLB Steiermark and pbb opened books on Wednesday, a day after HVB
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