LBBW pays modest Pfandbrief premium

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By Bill Thornhill
09 Sep 2019

LBBW issued a well subscribed €650m nine year public sector loan-backed Pfandbrief on Monday at a relatively tight new issue concession compared with many recent negative yielding covered bonds.

The €650m no-grow deal was priced at 1bp over mid-swaps with a concession of about 2bp, which is roughly half that paid by other recently issued Pfandbrief. Joint lead managers on the deal were Commerzbank, ING, LBBW, NatWest Markets, Rabobank and Swedbank.

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