DZ Hyp catches swell in yields for 10 year Pfandbrief

By Bill Thornhill
09 Jul 2019

DZ Hyp managed to build a substantial book in little time on Tuesday for its second 10 year Pfandbrief of the year, with demand fortunately swelled by an overnight rise in yields.

When the deal had been planned on Monday, 10 year mid-swaps were yielding around 7bp, but by the time the trade was ready to price on Tuesday, the yield had risen as much as 80% to 12.5bp.

It’s a “must-have yield” one of the lead managers on the transaction ...

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