Investors leap on Berlin 20 year

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The Federal State of Berlin chopped 2bp off the spread offered for its €500m 2039 bond during execution on Wednesday, as SSA investors remain hungry for long duration debt.

By Mike Turner
10 Jul 2019

Berlin, rated Aa1/AAA/AAA, started marketing its no-grow trade at mid-swaps plus 4bp area, before launching the deal at 2bp over. 

Demand was more than €1bn by the time the spread was set. 

BayernLB, Deutsche Bank, HSBC, LBBW and TD Securities were mandated to arrange the transaction.

Long duration euro demand has ...

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