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DG HYP successfully places benchmark Mortgage Pfandbrief issue

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In a capital markets environment which has stabilised to some extent, DG HYP today brought its first benchmark transaction of the year 2016 to the market. The 6.5-year, € 500 million Mortgage Pfandbrief met with brisk investor demand.

Managed by a syndicate comprising DZ BANK, HSBC, LBBW, UniCredit and WGZ Bank, the order book was opened around 9:00 CET, with a spread guidance of 1 basis point (BP). Aggregate order volumes rose to a sustained level in excess of 1 billion euros within 45 minutes, allowing spread guidance to be adjusted to –1 BP. The transaction was closed at 10:30 CET, with an order volume close to € 1.3 billion and a final spread of –2 BP.

The well-diversified order book consisted of almost 50 individual orders, from banks (accounting for 50.6% of the total volume), asset managers (25.0%), central banks/agencies (21.2%), and insurance companies (3.2%). International investors accounted for 8.4%.

Dr Georg Reutter, Chairman of the Management Board of DG HYP, emphasised: "In a capital markets environment that has been highly volatile to date, we are extremely satisfied with the placement of our benchmark issue today. Once again, the transaction is evidence of the outstanding position DG HYP's Pfandbrief issues enjoy in the market." Dr Reutter also thanked all investors for the trust placed in DG HYP.

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