The Free Hanseatic City of Bremen priced a €750m 2049 trade on Tuesday, stretching out its curve by 10 years to become the second German SSA bond issuer in as many weeks to borrow for longer in able to offer a positive yield to investors.
Bremen’s trade was printed in line with initial price thoughts at mid-swaps plus 18bp on a final order book of above €840m. The spread equaled a yield of 0.448%.
To make it above the zero yield barrier, Bremen had to go out to 30 years. Until now, its longest