NordLB undercuts SoFFin via local scheme
Norddeutsche Landesbank (NordLB) priced its inaugural guaranteed senior unsecured transaction this week, a Eu2bn five year deal that allowed the issuer to raise funding at an all-in cost lower than SoFFin-guaranteed deals and in a longer maturity.
Unlike recent deals out of Germany, the transaction was not guaranteed by the Financial Markets Stabilisation Fund (SoFFin), but by the State of Lower Saxony, which along with Saxony-Anhalt owns NordLB. Saxony-Anhalt can guarantee future NordLB issuance.
"From the very beginning we thought that the SoFFin terms did not
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