On Tuesday morning at 8:45 a.m., the syndicate banks mandated by Berlin Hyp - Commerzbank, Dekabank, DZ BANK, JP Morgan and UniCredit - opened the order books with a spread guidance of mid-swap +2 area basis points. Bankhaus Lampe acted as co-lead manager. The bond was announced in benchmark format. By 11:00 a.m., orders in excess of
€ 1.4 billion had been collected, allowing the volume to be fixed at € 750 million with an adjusted spread guidance to mid-swap -1 area (+1/-1) basis points. Books were closed at 11:15 a.m., containing orders from 57 investors amounting to more than € 1.6 billion. The final spread was fixed at mid-swap -2 basis points.
At 62%, the majority of the bond went to investors from Germany. Foreign demand was granular, with orders from a total of ten different countries. Investors from BeNeLux in particular showed interest with 7.6%, followed by Switzerland and Austria with 7.1% and 6.7% respectively. Banks and central banks/public institutions participated with around 30% and 18%. Funds and insurance companies ordered a further share of 23% and 18%.
"The ongoing low interest rate environment has increased the average maturity of our loan book in recent years. We take this aspect into account in our refinancing strategy and have therefore opted for a twelve-year term for the first time with this bond," says Maria Teresa Dreo, member of the Board of Management of Berlin Hyp since May 1 and responsible for capital market business. "We are pleased with the high-quality order book and the strong and diversified investor demand from both Germany and abroad."