Rare 10 year puts Postbank close to agencies

26 Mar 2010

Deutsche Postbank priced the first 10 year jumbo mortgage backed Pfandbrief in eight months on Wednesday. The deal emerged at the tightest re-offer for a covered bond with that maturity since the collapse of Lehman Brothers and close to agency levels.

Swedish Covered Bond Corp and Westdeutsche Immobilienbank also accessed the covered bond market in size in a hectic week dominated by Spanish supply (see separate story).

At Eu3.6bn, the order book for Postbank’s deal was by far the biggest for any of this week’s issues. It is comparable with ...

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