German Pfandbrief issuers DZ Hyp and Landesbank Hessen-Thüringen Girozentrale (Helaba) enjoyed strong receptions for their €1bn Pfandbriefe issued this week. Bankers suggested that the German market had a good chance to perform.
Helaba opened order books on Thursday for a benchmark 10 year trade with initial guidance of 5bp over mid-swaps. The deal was quick to build, with leads ABN, BNP Paribas, Helaba, NatWest Marketsand UniCredit collecting orders of more than €1bn in the first hour.
According to one lead