Commerz hits covereds for second trade of the week

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By Bill Thornhill
17 Aug 2017

Commerzbank attracted as much demand and paid an identical new issue premium for its €750m 10 year covered bond issued on Thursday as Münchener Hypothekenbank (MuHyp) did for its €750m nine year launched a day before. The two transactions show that the summer lull is over and the covered bond market is back in business.

Commerzbank priced the 10 year mortgage Pfandbrief at 11bp through mid-swaps with demand just shy of €1bn and a new issue premium of 2bp.

That compared to a spread of 13bp through for MuHyp’s deal which also offered a 2bp new issue premium.

The two tightly ...

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