Westdeutsche ImmobilienBank (WestImmo) successfully placed its second 500 million benchmark mortgage Pfandbrief on the capital market. The coupon amounts to 2.5%. The mortgage Pfandbrief runs until June 2013 and the yield mark-up is 23 basis points above swap-mid.
The issue has been very well received by investors. Due to very strong demand books could be closed after 75 minutes already. The consortium backing the transaction comprises of WestLB, NordLB, Commerzbank and Deutsche Bank.
The issue has largely been placed with German investors (87 %). 5 % have been sold to investors from Benelux countries and 4 % to investors based in UK, Italy, Austria and Switzerland. About 73 % have gone to banks whereby 13 % went to Central Banks, 12 % have been sold to other asset managers, 13 % were taken by retail investors.
The strong interest shown by investor expresses clearly the trust the market has into WestImmo as an issuer of mortgage Pfandbriefe. The rating agencies Standard & Poor's rate WestImmo's mortgage Pfandbrief with its best rating AAA.