HVB takes BayernLB’s lead with a €500m 10 year

By Bill Thornhill
03 Apr 2014

Germany’s Hypovereinsbank (HVB) and Bayerische Landesbank (BayernLB) launched Pfandbrief deals of the same size and tenor this week. But with a marginally lower rating, and hence a wider spread, HVB was able to attract a more granular book.

On Tuesday, BayernLB issued a 10 year €500m public sector Pfandbrief via Barclays, BayernLB, Crédit Agricole CIB, DZ Bank, and UniCredit. The deal was priced at 8bp over mid-swaps, compared to initial price thoughts of 10bp area and guidance of 9bp area.

With the issuer’s outstanding 2023s ...

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