Deutsche Hypo's Pfandbrief shows covered bonds are more in balance

By Bill Thornhill
11 Feb 2020

Deutsche Hypo was unable to tighten pricing as much as it had hoped for a seven year Pfandbrief it issued on Tuesday. Demand was sufficient to cover the deal, excluding the European Central Bank's order, but only just enough, giving investors more power to resist spread cuts.

Deutsche Hypo was set to issue its €500m mortgage Pfandbrief on Tuesday at 3bp over mid-swaps from 5bp area initially with a 2bp new issue concession and a €760m order book.

Joint leads on the deal were DZ Bank, HSBC, Natixis, NordLB and ...

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