HVB to issue positive yielding 10 year Pfandbrief

By Bill Thornhill
01 Mar 2021

UniCredit’s German subsidiary, HVB, is expected to open order books for a 10 year benchmark on Tuesday. With swap yields currently just positive, the deal has a slim chance of offering a positive return.

On Monday UniCredit Bank AG (HVB) has mandated DZ Bank, Helaba, Natixis, NordLB and UniCredit to joint lead manage it’s 10 year euro denominated mortgage Pfandbrief, which is expected to be rated Aaa by Moody's.

The issuer’s 0.01% June 2030s and 0.25% January 2032s were indicated at 1.6bp and 2.1bp, respectively, through ...

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