Construction conservatism | Essen Hyp: leading the way with jumbos | Eurohypo: biggest in the market
If there were anxieties about how the Pfandbrief market would perform in 2005, Deutsche Genossenschafts-Hypothekenbank helped put minds at rest in January when it opened the jumbo Pfandbrief market for the year. DG Hyp’s €2 billion seven-year deal was oversubscribed by investors in the space of just over one hour and eventually priced at one basis point over mid-swaps. The bond price traded through Euribor in the secondary market.
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