Deutsche Bahn hybrid leaves bankers gobsmacked
Germany’s Deutsche Bahn printed a €2bn dual tranche hybrid trade on Monday, with bankers off the deal heaping accolades on the borrower.
“It was fantastic,” said one banker. “Sub-1% on a non-call five is ridiculous.”
Deutsche Bahn printed its perpetual non-call five at a 0.95% yield, while the non-call 10 year landed at 1.6%.
A second banker simply added: “Brilliant.”An investor said on Monday that the hunt for yield, ...
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