Redemptions the salvation for LBBW’s jumbo
Landesbank Baden-Württemberg has priced only the second sub-Libor deal to hit the primary market this year. The Eu1.5bn five and a half year public sector covered bond was re-offered at 1bp below mid-swaps yesterday (Wednesday) afternoon, buoyed by high redemptions of Pfandbriefe that contributed towards an order book of more than Eu5bn.
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