Deutsche Bahn sets the standard for low beta names

Deutsche Bahn in Station
By Nigel Owen
10 Jan 2019

On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.

Deutsche Bahn, rated Aa1/AA-, announced its benchmark short 10 year deal with a December 2028 maturity and initial price thoughts of 45bp over mid-swaps via leads Banca IMICommerzbank, DZ Bank, HSBCMUFG and Société Générale. A banker not on the deal suggested fair value was around 22bp.

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