MuHyp issues super-tight dollar Pfandbrief, Lloyds to follow

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By Bill Thornhill
16 Jul 2019

Muenchener Hypothekenbank (MuHyp) was set to issue a $600m three year Reg S dollar Pfandbrief on Tuesday, at close to the tightest levels seen this year and with exceptionally strong demand. The stellar outcome encouraged Lloyds Bank to announce a follow-on deal of its own.

MuHyp was set to price the $600m mortgage backed deal, due December 2022, at 26bp over mid-swaps from 30bp area initially. Demand hit $1.2bn. 

Joint leads, who were mandated on Monday, were Credit Suisse, DZ Bank, HSBC, NatWest Markets and RBC Capital Markets.

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