NordLB takes size and duration — with ECB’s helping hand

hand outstretched 230
By Bill Thornhill
11 Jan 2018

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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