Lower Saxony offers small NIP for negative yielding 10 year

By Burhan Khadbai
06 Aug 2020

The State of Lower Saxony was the sole borrower active in the primary public sector bond market on Thursday as it raised €500m with a 10 year at a negative yield. The deal ended up comfortably subscribed in spite of a slow start to the book-build.

On Wednesday, Deutsche BankDZ BankLBBWNatixis and NordLB were mandated to run the deal, following a request for proposals.

The books opened on Thursday with guidance of mid-swaps plus 1bp area. As the books reached over €485m, the spread was set at plus 1bp or ...

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