Rentenbank struggles as negative yield deters Asian investors

Euro in vice resized
By Lewis McLellan
20 Nov 2019

Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.

Citi, Commerzbank, Dekabank and NatWest Markets ran the books for the benchmark. The spread was set at mid-swaps minus 8bp, in line with guidance. No book updates were offered.

A banker at one of the leads said it was a 3bp-4bp new issue concession but a head of ...

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