Debut BSH enjoys smashing Pfandbrief hit

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By Bill Thornhill
15 Oct 2020

After an extensive marketing period, done with the intention of issuing a benchmark sized deal, Bausparkasse Schwäbisch Hall’s first Pfandbrief, issued on Thursday, attracted more demand, at a tighter spread and a longer duration than a Pfandbrief its compatriot building society, Wüstenrot Bausparkasse, issued this week.

After 90 minutes of opening the order book Bausparkasse Schwäbisch Hall (BSH) had attracted demand of €1.9bn for its 0.01% €500m October 2030, rated Aaa. It was priced at 4bp over mid-swaps via joint leads Commerzbank, DZ Bank, LBBW, Natixis and UniCredit.

Despite only starting 1bp wider ...

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