Increased foreign interest helps propel Joint Laender to success
International demand boosted the first benchmark from the Joint Laender (44 on Wednesday, with interest from several new investors helping to buoy the deal. A more generous level than usual on Laender trades also helped the deal to succeed.
Bayern LB, Dekabank, Deutsche Bank, HSBC and LBBW priced the €1bn 1.5% January 2021 bonds at 4bp over mid-swaps, in line with guidance and initial price thoughts of 4bp area. This amounted to a new issue premium of around 3bp-4bp, according to bankers close to the deal.
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