A company of LBBW
Berlin Hyp issues third Mortgage Pfandbrief in 2023
01 March 2023
On Tuesday morning at around 8.45 a.m., the syndicate banks assigned by Berlin Hyp Citi, Commerzbank, HSBC, LBBW and UBS opened the order books for the bond announced as benchmark-sized at a spread of mid-swap +4 basis points.
At 9.40 a.m., the first book update took place. At that time, orders worth over € 750 million were in the books. By the time of book closing at 11:15 a.m., orders had accumulated to around € 1.25 billion. Already before that the deal size had been fixed to € 750 million and the final reoffer spread at mid-swap +1 basis points.
A total of 53 investors participated in the Pfandbrief. At 76%, the majority of the bond was placed in Germany. Outside Germany, in particular investors from Asia and Austria/Switzerland showed interest with around 7% respectively. Banks were the largest investor group with 72%, followed by central banks and official institutions (17%) and funds (10%). Savings banks and affiliated companies accounted for 31% of the issue.
"We are very pleased that we were able to successfully place our Mortgage Pfandbrief on the capital market despite the current volatile interest rate environment. We see this as renewed vote of confidence in Berlin Hyp and in the Pfandbrief product," says Teresa Dreo-Tempsch, who is responsible for capital market business on the Board of Management of Berlin Hyp.
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