Small is beautiful for Natixis Pfandbriefbank

By Bill Thornhill
23 Feb 2017

Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.

After mandating joint leads BayernLB, Natixis and NordLB for its five year deal on Tuesday, the issuer opened books on Thursday for a €250m transaction, rated Aaa by Moody’s only. Guidance was set at 5bp through mid-swaps and after about two hours when €300m orders had been ...

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