PBB and BSH expected to issue new covered bonds

German Property
By Bill Thornhill
19 Apr 2021

Deutsche Pfandbriefbank (PBB) has mandated leads for the second Sonia linked covered bond of the year and Bausparkasse Schwabisch Hall (BSH) is expected with a euro 12-year deal.

PBB will open order books on Tuesday for a three-year sterling Sonia linked mortgage Pfandbrief that is rated Aa1 through joint leads Deutsche Bank, HSBC, NatWest Markets and Nomura.

The issuer’s outstanding £500m September 2023s bonds were indicated at a bid offer spread of 26-23bp on ...

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