pbb issues €500 mln mortgage Pfandbrief (DE)

On Thursday pbb Deutsche Pfandbriefbank has placed a €500 mln mortgage Pfandbrief. The 5 year benchmark mortgage Pfandbrief has a 0.25% coupon. Deutsche Pfandbriefbank pays 14 basis points spread below midswaps. Based on the re-offer price of 99.819% the Pfandbrief has a 0.287% yield. The Pfandbrief met with a very positive market response and was heavily oversubscribed with orders totalling more than € 1.1 billion. With approx. 70% Germany accounted for the largest share of the placements followed by Middle East countries and the UK. The issue was arranged by a syndicate comprising Bayern LB, Commerzbank, Deutsche Bank, Nord LB, RBS und Bankhaus Lampe
Source: Pbb

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