Deutsche Bahn sets the standard for low beta names
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 IMI, Commerzbank, DZ Bank, HSBC, MUFG and Société Générale. A banker not on the deal suggested fair value was around 22bp....
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