Berlin Hyp unearths good demand for 10 year Pfandbrief debut
Berlin Hyp (BHH) was able to price its first 10 year Pfandbrief flat to fair value reflecting the paucity of supply in this part of the curve. But even though the bonds were well subscribed, a little investor sensitivity was evident.
After it hired lead managers on Tuesday, BHH opened order books on Wednesday for the 10 year €500m no-grow mortgage Pfandbrief with initial guidance of 2bp over mid-swaps.
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