DZ HYP places first Jumbo Pfandbrief of 2026

• Mortgage Pfandbrief with a tenor of 10.1 years
• Issue size of €1 billion
• 3.125 per cent coupon

DZ HYP successfully placed a €1 billion Mortgage Pfandbrief issue on the capital markets on Wednesday, 7 January 2026. Investor demand for the benchmark bond, which carries a 3.125 per cent coupon and is due to mature on 28 February 2036, was exceptionally broad.

The transaction was managed by a syndicate comprising Danske Bank, DZ BANK, Erste Group, LBBW, Natixis and Scotiabank.

The order book for the benchmark bond was opened with a spread of mid-swaps plus 35 basis points over 6-month Euribor. Based on an allocable order book volume of €4.15 billion (with 124 individual orders), the final spread was set at mid-swaps plus 28 basis points. 

As Sabine Barthauer, Chief Executive Officer of DZ HYP, explained: “With the ten-year benchmark, we have made a very convincing start to the 2026 issuance year in a highly competitive market environment. With its maturity and attractive yield level, the Jumbo Mortgage Pfandbrief was well aligned with the current investment needs of our investors.”

Geographically speaking, investors from Germany were the largest group, accounting for 42.5 per cent of the allocated order volume. This was followed by investors from the UK and Ireland (16.7 per cent), Denmark, Finland and Norway (14.6 per cent), Southern Europe (10.5 per cent) and Austria and Switzerland (9.4 per cent). Investors from other regions accounted for 6.3 per cent of allocated orders.

Banks were the main investor type, with a share of 55.2 per cent, followed by asset managers and funds (25.0 per cent), insurance companies and pension funds (14.7 per cent), central banks (3.5 per cent) and other investors (1.6 per cent).