Issuers achieve tight levels ahead of ECB meeting

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Issuers achieve tight levels ahead of ECB meeting

June 03, 2009 12:00 am

Two new benchmark issues and one non-jumbo have been priced ahead of the tomorrow’s European Central Bank meeting at which it will release details of its Eu60bn covered bond purchase plan announced on 7 May. Deutsche Bank yesterday priced its debut Pfandbrief, a Eu1bn seven year deal, at 55bp over mid-swaps, the tightest level for a mortgage-backed benchmark this year. BNP Paribas hit a tight level on its first public sector obligations foncières, a Eu1bn five year that was priced at 77bp over. And Finnish issuer Aktia Real Estate Mortgage Bank will today price a five year non-jumbo. Read EuroWeek this Friday to find out more about this week’s deals, details of the ECB’s purchase plan and what these mean for the market.

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