DZ HYP’s Mortgage Pfandbrief once again impresses investors

• Bond issue with a term of 8.9 years
• Issue size of €500 million
• 2.75 per cent coupon

DZ HYP took advantage of the current positive sentiment on the bond market and successfully placed a €500 million Mortgage Pfandbrief on Tuesday 14 October 2025. This year’s sixth benchmark issue bears a coupon of 2.75 per cent and matures on 31 August 2034. The transaction was supported by a banking syndicate consisting of Barclays, DZ BANK, NORD/LB, Rabobank, Raiffeisen Bank International and TD Securities. The nearly nine-year bond was subscribed by a broadly diversified investor base. 

Marketing began the previous day with the public announcement of the issue. The order book was opened on Tuesday morning, with an initial indication of mid-swaps plus 38 basis points (vs. 6-month Euribor). Following a dynamic start, the number of investors continued to increase steadily, allowing the final spread to be fixed at plus 33 basis points. 

The very positive response among investors was subsequently demonstrated by a further increase in the order volume, resulting in an oversubscription rate of 3.4 times. The allocable order book volume of €1.71 billion consisted of 73 individual orders. 
The bond was placed mainly with German investors (55 per cent), followed by Austria and Switzerland (13 per cent between them) and the United Kingdom and Ireland (12 per cent). The remaining 20 per cent was taken up by investors in Southern, Eastern and Western Europe and in Finland and Norway.

In terms of investor groups, banks made up nearly 60 per cent, followed by asset managers and funds (29 per cent), central banks (7 per cent), while insurance companies and pension funds accounted for 4 per cent together.