Deutsche Bahn hybrid leaves bankers gobsmacked

Deutsche Bahn in Station
By Mike Turner
15 Oct 2019

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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