German pair draw solid demand despite no new issue premium

By Jonathan Algar
11 Sep 2014

Aareal Bank capitalised on the momentum created by the two successful French deals issued through mid-swaps on Monday and Tuesday by bringing forward plans to issue a euro-denominated Pfandbrief. It opened books on a three year deal on Wednesday rather than waiting until next week.

The following day WL Bank syndicated a 10 year mortgage-backed Pfandbrief, its second deal of the year and the fifth 10 year print to come out of Germany this year. In contrast to Aareal Bank’s deal on Wednesday, WL’s order book was oversubscribed many times.

Joint leads Commerzbank, ...

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