PBB’s guaranteed coupon Sonia first attracts huge book

By Bill Thornhill
24 Sep 2020

Deutsche Pfandbriefbank attracted more demand for its first Sonia-linked Pfandbrief on Thursday than it has for any covered bond it has ever issued. It was the first public deal from a financial institution with a guaranteed high coupon.

PBB mandated Credit Suisse, HSBC, NatWest Markets and Nomura on Wednesday for the first sterling benchmark covered bond since February 4, and opened order books on Thursday with price guidance of 43bp over Sonia.

It was the first covered bond to be issued in any currency this week and ...

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