Commerzbank hits 2% sweet spot in ten year

By Bill Thornhill
22 Nov 2013

Commerzbank returned with its fourth covered bond deal of the year, and the second off its new mortgage platform. After a plethora of German five and seven year Pfandbriefe, the issuer chose to extend its curve with a rare 10 year.

The 10 year tenor is barely populated by German issuers, as only Hessiche Landesbank and Bayerische Landesbank have priced deals maturing in 2023 this year.

Despite the rare tenor, the transaction competed with NRW, which was out at the same time with a seven year that offered the ...

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