Berlin Hyp issues seven-year Green Mortgage Pfandbrief

• Berlin Hyp issues fourth Mortgage Pfandbrief in benchmark format in 2023
• Berlin Hyp's 20th green bond issue since the debut issue in April 2015
• Around 30% placed within the Savings Banks Finance Group

The seven-year bond with a volume of € 750 million carries an interest coupon of 2.875% and is rated Aaa by the rating agency Moody's. The yield at Reoffer was 2.99%.

On Tuesday morning at around 8.30 a.m., the syndicate banks assigned by Berlin Hyp Commerzbank, Crédit Agricole, DZ Bank, J.P. Morgan and LBBW opened the order books at a spread of mid-swap +11 basis points. Hauck Aufhäuser Lampe Privatbank acted as co-lead manager.

At 10:15 a.m., the first book update took place. At that time, orders worth over € 850 million were in the books. A short time later, the spread was fixed at mid-swap +9. The final order book stood at € 835 million at book closing at 11:15 a.m.

A total of 52 investors participated in the Pfandbrief. At 83%, the majority of the bond was placed in Germany. Banks formed the largest investor group with 68%, followed by central banks and official institutions (15%) and funds (12%). Savings banks and affiliated companies accounted for 29% of the issue.

"With today's bond, we have issued our tenth Green Pfandbrief and our twentieth Green Bond since 2015. We are very pleased that ESG refinancing instruments have become such an essential part of our funding mix," says Teresa Dreo-Tempsch, who is responsible for capital market business on the Board of Management of Berlin Hyp.