COVERED BONDS

摘要

MUENCHENER HYPOTHEKENBANK gave further encouragement for hesitant issuers that deeply negative-yielding covered bonds can find robust demand, taking €860m-plus orders for a €500m four-year last Thursday. The deal followed on the heels of a €lbn three-year Pfandbrief from Berlin Hyp that set the record for the lowest-ever yield in the euro covered primary market, landing at -0.588% on August 20.