Small is beautiful for Pfandbrief quad

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By Bill Thornhill
23 Jan 2018

DekaBank, BayernLB, Berlin Hyp and Deutsche Pfandbriefbank took the opportunity to issue in small sizes across the full range of maturities with deals that were all priced with a double digit spread through mid-swaps.

DekaBank issued a €250m five year mortgage-backed Aaa-rated Pfandbrief at 16bp through mid-swaps with demand of €700m including €45m of joint lead interest on Tuesday. 

Deutsche Bank, DZ Bank and the issuer’s own syndicate led the deal. Initial pricing was set at 13bp through before being refined ...

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