HVB prices flat to the covered curve

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By Bill Thornhill
08 Sep 2020

UniCredit’s German subsidiary, HVB, unearthed demand of €2bn for its €1bn eight year Pfandbrief that priced on Tuesday. The deal will be followed by a non-deal roadshow for a second issuer from Japan.

After mandating BBVA, Commerzbank, Natixis, NordLB and UniCredit for an eight year Pfandbrief on Monday, leads opened order books on Tuesday for a benchmark euro deal due September 2028, rated Aaa/—/AAA, with initial guidance of 10bp area over mid-swaps.

After one hour orders exceeded €1bn ...

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