Commerz hits covereds in last window of year

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By Bill Thornhill
02 Dec 2019

Commerzbank took advantage of a rise in yields to launch a nine year Pfandbrief on Monday. With yields rising 6bp overnight amid an improvement in risk sentiment, bankers suggested a positive yielding long seven year can expect a fair reception.

Commerzbank was set to issue a €500m nine year mortgage Pfandbrief at 2bp over mid-swaps from 4bp, initially with pre-reconciled demand of €625m through joint leads Commerzbank, Crédit Agricole,Danske Bank, LBBW and Natixis.

At the reoffer spread the deal offered a 2bp ...

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