DZ Hyp enjoys ‘textbook’ covered bond execution

Textbooks 230x150
By Bill Thornhill
13 Apr 2021

DZ Hyp raised €1bn of eight year covered bond funding flat to its curve on Tuesday in what bankers called a ‘textbook execution’.

DZ Hyp opened order books on Tuesday for the benchmark 0.01% mortgage backed Pfandbrief due April 2029 with guidance of 1bp area over mid-swaps.

After one hour, orders exceeded €1.5bn and rose to €2.2bn before the spread was revised to 2bp through, plus or minus 1bp. A €1bn ...

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