West Immo sale has little impact on its pfandbrief
Struggling German bank, WestLB is lining up the sale of its pfandbrief issuing subsidiary, West Immo, to US investment firm Apollo Investment Management. Covered bond analysts suspect the sale will have a negative impact on the ratings of West Immo’s Pfandbrief but the sale is more likely to be a positive for WestLB itself. In any case, West Immo’s covered bonds, which have tightened over the last month, remain well supported.
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