MunHyp
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Association of German Pfandbrief Banks bi-annual survey finds members are more cautious going into H2 -
◆ German bank had the primary market to itself on Monday ◆ More covereds issued from Germany than any other country ◆ Banker said 7bp over offered small new issue premium
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◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
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◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution
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◆ Issuer's first unsecured bond since March 2021 ◆ Tight pricing for rare name in the asset class as ...◆ ... 'everybody wants to grab every piece of paper they can get'
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German lender finds demand after record-breaking Pfandbriefzentrale deal
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Investors are becoming more price sensitive, said one banker
