The maiden Pfandbrief issue in dollars ran into trouble beyond the control of the issuer or the lead manager. Yet success was snatched from the jaws of defeat. In the end, Rheinische Hypothekenbank’s 10-year $750 million issue flew.
On June 3, the day the deal was launched, there was an unexpected flood of 10-year dollar paper: two borrowers much better known, especially in the Asian markets, were also issuing that day, the Asian Development Bank and Toyota Motor Credit Company, so a certain number of Asian investors were bound to be lost.
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