MuHyp to issue rare 20 year Pfandbrief

By Bill Thornhill
26 Oct 2020

Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.

Euro swap rates have been falling all year but by Monday they were hitting new lows, especially at the long end of the curve. 

On Monday 15 year euro swap yields had fallen to minus 4bp but 20 year swaps were still just about delivering a positive ...

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