MuHyp prices tightest deal of year

While many German issuers have struggled to price deals through swaps this year, Münchener Hypothekenbank has been sailing through the storm. After pricing a €500m five year at 14bp through mid-swaps this time last year, it returned to the covered bond market on Thursday with a more generously priced and larger deal which, despite being this year’s tightest, still managed to offer some performance potential.