Helaba takes covereds to new lows

摘要

Offered convincing evidence that deeply negative-yielding covered bonds can succeed, taking €750m out of the market at -0.227% on over €1.1bn of demand. The market had seen negative-yielding euro covered issuance before Helaba's five-year Pfandbrief last Wednesday, but aside from a handful of examples, issuers had mostly avoided printing negative yielding benchmarks by moving further out the curve.