Sparkasse Hamburg prices through Pfandbrief curve

By Bill Thornhill
16 May 2017

Sparkasse Hamburg extended its curve and priced a Pfandbrief inside fair value with good demand this week. At the same time Hypo Tirol paid a relatively small concession for its sub-benchmark Pfandbrief, suggesting any lingering concern over Austrian covered bonds following the Heta saga has been put to rest.

After mandating leads on Monday Sparkasse Hamburg opened books on Tuesday for a €500m May 2024 mortgage-backed Pfandbrief at 7bp through mid-swaps.

After almost 90 minutes when orders stood at more than €750m, the spread was refined to 9bp through, plus or minus 1bp.

After almost two hours ...

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