These are the details of the selected bond:
- Issuer: Landesbank Baden-Wuerttemberg
- Covered bond rating(s) at launch: Aaa (Moody's)
- Amount: EUR1,000m
- Maturity date: 20 February 2030
- Re-offer price: 99.240
- Coupon: 2.625%
- Swap spread: 40bp
- Government spread: 55.1bp
- Pricing date: 8 January 2025
- Settlement date: 20 January 2025
- Bookrunners: DZ, Erste, LBBW, Rabobank, TD
- Country: Germany
- Collateral type: Mortgage
- The CBR bond ID: 3019
- Green, social, sustainability description: unlabelled
Coverage of this deal:
Slim pickings but fat books as covereds feel way into 2025 16 January 2025
Just €4.25bn of euro benchmark covered bonds hit the market in the first week of 2025, down dramatically on previous new years and even quieter than expected, but the four issuers who did test the water found strong demand for their new issues.