NordLB takes size and duration — with ECB’s helping hand
NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.
NordLB issued the €1bn mortgage backed Pfandbrief at 8bp through mid-swaps, with orders of €1.25bn and a new issue premium of about 4bp — which was towards the generous end of this year’s 1bp-5bp range.The issuer’s €500m January 2027 was indicated around 13bp through mid-swaps and its €750m ...
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