In brief: BayernLB priced a $500m (Eu386m) two year Reg S mortgage Pfandbrief this (Tuesday) morning, after having left order books open overnight.

Sole lead JP Morgan priced the US dollar deal at 30bp over mid-swaps, in line with talk. The transaction is understood to have been driven by reverse enquiry, with the issuer not due to swap the proceeds to euros. A $500m deal had been targeted.