Covered Bond & RMBS Comment – High-risk German bank testing the water

HSH Nordbank will issue a EUR 500mn 3y public sector Pfandbrief today. We see fair value at around ms +8bps - guidance is ms +13bps. Many uncertainties surrounding the bank’s future. Canadian Imperial Bank active in GBP market – Credit Agricole offer CHF. Non-CBPP3 paper in...

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