Price transparency lifts demand for HVB’s Pfandbrief

By Bill Thornhill
03 Sep 2019

A transparent pricing approach was integral to the success on Tuesday of UniCredit AG’s (HVB) five year Pfandbrief, which was launched with a deeply negative yield.

After mandating Commerzbank, DZ Bank, Helaba, Santander and UniCredit on Monday, HVB opened order books on Tuesday for a five year mortgage backed German covered bond (Hypothekenpfandbrief) — its fourth euro benchmark Pfandbrief this year.  

Initial guidance was set at 2bp-4bp over mid-swaps ...

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