PBB pays tiny Pfandbrief NIP as rate hike fears stoked

By Bill Thornhill
15 May 2018

Deutsche Pfandbriefbank (PBB) priced an Aa1 rated six year Pfandbrief on Tuesday at the same spread as Deutsche Bank’s Aaa rated five year issued last week, showing the market has improved. But, with tighter monetary policy recently signalled and more supply due, the advantageous funding window may prove short lived.

PBB opened order books for the €500m no-grow May 2024 mortgage backed German covered bond via joint leads Citi, Commerzbank, Dekabank, Deutsche Bankand Erste Groupwith guidance of 6bp through mid-swaps.

After 50 minutes orders exceeded €500m and after 90 minutes, ...

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