In brief: Hamburg Commercial Bank (HCOB) is buying back an aggregate €213m of two Pfandbriefe totalling €1.25bn, it announced yesterday (Thursday).

The German issuer, formerly HSH Nordbank, launched a tender for the two bonds on Wednesday of last week (17 June), offering to buy back any and all of a €500m 0.25% November 2020 issue and up to €350m of a €850m 0.375% April 2023.

HCOB said yesterday that it is buying back €122.695m of the 2020 paper and €90.471m of the 2023. The repurchase price of the shorter-dated bond was set at €1,003 per €1,000 of nominal, while the longer issue was repurchased at a yield of minus 0.370%, based on a repurchase spread of 1bp over mid-swaps.