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.