PMM: Corporate-like Hochbahn stirs up SSA market

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By Johan Lai
23 Feb 2021

SSA bond supply dwindled last week meaning an outstanding performance from Hamburger Hochbahn’s debut bond, which was six times subscribed and managed a huge 26bp tightening from initial price thoughts, weighed heavily on primary market indicators.

The deal drove the average move from initial price thoughts to final pricing in the SSA market up to 8.9bp, almost the highest in GlobalCapital’s records, second only to a peak at the end of May last year.

By the leads’ own admission, the issuer behaves more like ...

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