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