Bavaria raises €3bn with crisis bond amid lockdown

By Burhan Khadbai
23 Mar 2020

The Free State of Bavaria enjoyed a strong reception from investors as it returned to the capital markets on Monday for the first time since 2014 to fund a Covid-19 fiscal package by the Bavarian government.

Bavaria sold a €3bn March 2023 bond at mid-swaps plus 12bp, 2bp tighter than guidance, via BayernLB and UniCredit with a book of over €3.6bn.

“The market was really choppy today but this transaction was very well prepared which eliminated the execution risk,” said a syndicate ...

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