Hype over DG

German bankers, who have been busy nursing their sore heads after celebrating their country’s World Cup victory on Sunday night, will not have been overly burdened by DG Hypothekenbank’s drive-by Pfandbrief syndication on Monday. Being the rarest issuer from one of the most technically squeezed jurisdictions in Europe, a strong outcome was never in doubt. Painkillers may however be required for the allocation process.