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FIGCovered Bonds

LBBW reopens Pfandbrief, prices inside Laender

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LBBW printed the first Pfandbrief since the onset of the coronavirus crisis with a deal that was priced flat to fair value. The high level of demand suggested good scope for the bond to perform and showed that investors are ready to buy, even though the deal was priced tighter than German Laender bonds — which is very unusual.

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