Deutsche Hypo follows Pfandbrief tapping trend
Deutsche Hypo returned to the covered bond market on Tuesday, following the wake of a series of German borrowers last week, to issue a four year tap. Although the pipeline is empty, 'the floor is wide open’ for an opportunistic issuer to follow on Wednesday.
Deutsche Hypo issued a €250m tap of its €500m April 2022 at 18bp through mid-swaps from 17bp through initially and with orders of €285m.
The increase was priced flat to fair value and took the deal size to €750m.BayernLB, Commerzbank, Crédit Agricole and NordLB were ...
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