Eurohypo widens guidance after sounding

22 Oct 2009

Eurohypo priced a Eu1bn long five year mortgage Pfandbrief in the middle of guidance on Monday but only after widening the level it went out with after meeting with resistance when pre-sounding at a tighter level last Friday (October 16).

Barclays Capital, BNP Paribas, Commerzbank, Deutsche Bank and NordLB sounded the Eurohypo issue in the low 20s, a level that some investors considered aggressive. One German fund manager, for example, said that such guidance could not be considered cheap and would result in limited interest from his company.

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