Nord/LB has launched a €500 million ($614.38 million) seven-year German covered bond that is backed by aircraft finance assets.

The covered bond has a provisional rating of 'A2' by Moody’s Investors Service. Bank of America Merrill Lynch analysts noted in their latest weekly that the  deal was well over subscribed with demand being from Germany taking up the lion's share at 95%. Banks represented 47% of the allocation. It priced at 55 basis points over mid-swaps.

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