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DZ HYP issues third Mortgage Pfandbrief in 2021


  • Order book more than twice oversubscribed
  • Maturity in November 2030

DZ HYP yesterday issued its third mortgage Pfandbrief in 2021. The nine-year bond has a volume of EUR 750 million and carries a coupon of 0.01 percent. The rating agencies Moody's and S&P assign the Pfandbrief with a Aaa and AAA Rating, respectively.

After the announcement of the bond the day before, order books opened on Thursday morning and met strong investor interest. After approximately 2 hours, the final spread was set at the lower end of the price range with an order book volume of EUR 1.6 billion at mid-swap +2 basis points.

In total, more than 50 investors participated in the bond, with the majority (approx. 62 percent) being placed with domestic investors. Outside Germany, investors from the Nordic countries (13 percent), Central Europe (8 percent) and the UK (6 percent) showed particular interest. Banks subscribed to around 45 percent of the Pfandbrief, while central banks/public institutions participated with 28 percent and funds with 27 percent.

"We are delighted that our third capital market issue in the current year met such strong investor demand, both in Germany and abroad," said Dr. Georg Reutter, Chairman of the Management Board of DZ HYP. "The high-quality order book shows the good reputation DZ HYP enjoys among investors."

The DZ HYP transaction was accompanied by a syndicate comprising DZ BANK, Bayern LB, Credit Agricole CIB, IMI-Intesa Sanpaolo and Unicredit.