Opportunistic long end covereds wait for HVB's 15 year test

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By Bill Thornhill
13 May 2019

UniCredit Bank AG (HVB) and Hypo Vorarlberg Bank AG are expected to open books on Tuesday for Pfandbriefe in the 15 and eight year tenors. The longer deal follows a series of other long-end trades and may be followed by more, as borrowers take advantage of remarkably strong market conditions to do their most difficult deals.

HVB has mandated DZ Bank, Lloyds, Wertpapierhandelsbank, NordLB, Société Générale and UniCredit to joint lead an Aaa/---/AAA rated euro benchmark mortgage covered bond with a 15 year maturity.

This is HVB’s longest outstanding benchmark covered bond and follows a €500m 10 year ...

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