Helaba issues first negative yielding covered bond

By Bill Thornhill
26 Jun 2019

Landesbank Hessen-Thüeringen Girozentrale (Helaba) sold the first negative yielding covered bond since 2017 on Wednesday, attracting good demand for the €750m five year Pfandbrief.

After mandating lead managers on Tuesday, Helaba opened order books on Wednesday for a five year mortgage Pfandbrief (—/—/AAA) due July 2024 with initial guidance at flat to mid-swaps.  

Lead managers on the deal were DZ Bank, Helaba, ING, Société Générale and UBS.

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