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Dr. Phil Zundel

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Press Officer

Phone: +49 89 5387 - 314

Press Releases

MünchenerHyp’s new benchmark Mortgage Pfandbrief sets accents in the Pfandbrief market

04.05.2017 - Münchener Hypothekenbank eG’s first benchmark issue in 2016 generated very strong demand among Pfandbrief investors.
The € 500 million Mortgage Pfandbrief has a coupon of 0.625 percent and a term of 10 years. The order book was closed after orders for € 650 million were received.

Conditions were slightly difficult following the long weekend. However, this situation was more than offset by the high demand currently noted for covered bonds and Pfandbriefe. This was also reflected by the price, which was initially announced as 10 basis points below the mid-swap rate and subsequently re-set at 12 basis points below the mid-swap rate in light of heavy investor interest.

Thirty-four orders were received from investors in nine countries with Germany accounting for over 80 percent of the volume sold followed by countries in Asia and the Middle-East. Central banks bought almost 44 percent of the volume placed and represented the biggest group of investors.

“The small supply of Pfandbriefe seen in recent weeks formed the basis for an excellently pricedissue“, said Dr. Louis Hagen, the Chairman of Münchener Hypothekenbank’s Board of Management.

The transaction was accompanied by Commerzbank AG, DZ Bank AG, Goldman Sachs International and HSBC. The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.

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Josef Hodrus elected member of MünchenerHyp’s Supervisory Board

19.04.2017 - The Delegates Meeting of Münchener Hypothekenbank eG has elected Josef Hodrus as a new member of the Bank’s Supervisory Board.

Josef Hodrus is a member of the Board of Management of the Volksbank Allgäu-West eG, which he has successfully led since 1998. In addition, he is actively engaged in various bodies of the Cooperative Financial Network and companies of this network. Josef Hodrus is also a member of the Special Committee on Credits of the Baden-Wuerttemberg Cooperatives Association.

Heinz Fohrer, member of the Board of Management der Volksbank Esslingen eG, stepped down from MünchenerHyp’s Supervisory Board at the end of his term of office.

Wolfhard Binder, Chairman of the MünchenerHyp Supervisory Board, thanked Heinz Fohrer for his dedicated services: “With his outstanding dedication and great expertise, Mr. Fohrer played a distinguished role in supporting MünchenerHyp to further develop successfully during a period when important decisions were taken to guide the future of the Bank. We regret that his wide-ranging professional commitments do not allow Mr. Fohrer to candidate for another term of office.”

The members of Münchener Hypothekenbank’s Supervisory Board are: Wolfhard Binder (Chairman), Chairman of the Board of Management of the Raiffeisen-Volksbank Ebersberg eG, Dr. Hermann Starnecker (Deputy Chairman), Spokesman of the Board of Management VR Bank Kaufbeuren-Ostallgäu eG, Barbara von Grafenstein, Employee representative, Josef Hodrus, Member of the Board of Management of the Volksbank Allgäu-West eG, Jürgen Hölscher, Member of the Board of Management of the Volksbank Lingen eG, Rainer Jenniches, Chairman of the Board of Management of the VR-Bank Bonn eG, Reimund Käsbauer, Employee representative, Dr. Peter Ramsauer, Member of the German Parliament (Deutscher Bundestag), Michael Schäffler, Employee representative, Gregor Scheller, Chairman of the Board of Management of the Volksbank Forchheim eG, Kai Schubert, Member of the Board of Management of the Raiffeisenbank Südstormarn Mölln eG, Frank Wolf-Kunz, Employee representative.

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MünchenerHyp further expands its record results

10.04.2017 - Münchener Hypothekenbank eG remained on its path for growth in the 2016 business year.

The property financier further expanded its new business results while strengthening its earning power and level of equity capital. “We are very pleased with the results we achieved in the previous business year. In an increasingly tougher competitive situation we have successfully advanced forward with our innovative financing solutions”, said Dr. Louis Hagen, Chairman of the Münchener Hypothekenbank Board of Management. 

MünchenerHyp surpassed its own expectations as it posted record new mortgage business results for the third year in a row. We had set ourselves the goal of holding the previous year’s record. However, we are more than pleased that we were actually able to surpass these results once again“, noted Dr. Louis Hagen. New business grew by 1.6 percent to € 4.93 billion (previous year: € 4.85 billion).

About two-thirds of new business (€ 3.27 billion) was accounted for by the private residential financing business. In this area the Bank was able, above all, to expand its brokerage business with banks within the Cooperative Financial Network as well as with independent providers of financial services. The volume of lending commitments generated by the Volksbanken, Raiffeisenbanken, Sparda Banken and PSD Banken within the Cooperative Financial Network rose by 2.4 percent to € 2.45 billion. The bank was able to grow sales originated by independent providers of financial services by over 15 percent to about € 400 million. Working together with its Swiss partner, Swiss PostFinance, both partners significantly bolstered their marketing activities to strengthen sales in a residential property market that developed less dynamically than in previous years. These efforts made it possible to hold new business stable at € 430 million.

The commercial property financing business also developed favourably as the volume of lending commitments made gained slightly to € 1.66 billion. The risk situation in the credit business remained stable. As in previous years, provisions made for risk remained moderate.

MünchenerHyp successfully covered its refinancing needs. During the previous year the Bank issued two large volume Mortgage Pfandbriefe, including one for US $ 600 million. The Bank increased its total volume of non-euro refinancing, which accounted for about 40 percent of the refinancing volume for covered bonds. And for one of these issues – a Swiss franc denominated Mortgage Pfandbrief – the Bank received the renowned mtn-i “Deal of the Year” award.

Driven by strong new business results, total assets rose by € 0.4 billion to € 38.5 billion on 31 December 2016. The portfolio of mortgage loans grew by € 2.1 billion to € 27.8 billion. A large portion (€ 1.8 billion) of the gain was generated by the private residential financing area of business. In accordance with the Bank’s business and risk strategy, its credit portfolio with the public-sector and banks declined further to € 6.8 billion (previous year € 8.2 billion).

Looking ahead to the coming regulatory requirements – above all the introduction of the leverage ratio in 2019 – MünchenerHyp further strengthened its already very solid level of equity capital. Banks within the Cooperative Financial Network played a particularly important role here as they increased their investment in MünchenerHyp. The Bank raised about € 250 million in equity capital through its efforts. Thus, on 31 December 2016 the Bank had a Common Equity Tier 1 capital ratio of 22.9 percent (previous year: 17.3 percent). The Tier 1 capital ratio was also 22.9 percent (previous year 19.5 percent) on the same date, while the total capital ratio was reported as 24.5 percent (previous year 24.2 percent). This means that based on today’s perspective, MünchenerHyp is capable of meeting the leverage ratio with a ratio of 3.35 percent.

Net interest income rose by € 11.9 million to € 233.4 million. The successful new business results led to a notable increase in commission expenses, which in turn resulted in a slightly slower pace of growth in net interest income and net commission income of € 4.5 million to € 159.2 million. Operating results after deduction of provisions for risk rose by € 11 million to € 67.3 million. After allocating about € 7.0 million to the Fund for General Banking Risks, and deducting € 28.4 million for taxes, annual net income amounted to € 31.9 million (previous year € 22.2 million).

MünchenerHyp also wants to grow sustainably in the current business year and strengthen its position in both the residential and commercial property financing business areas. “To achieve this objective we will intensify and further expand our marketing and sales activities with our partners. The conditions to achieve this remain favourable. Currently, there is no end in sight for the period of low interest rates and the associated heavy demand for property, and especially long-term property financing”, said Dr. Louis Hagen. For this reason the Bank intends to further raise its results.

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MünchenerHyp provides underwriting of Deutsche Telekom building in Bonn

13.03.2017 - Münchener Hypothekenbank eG has provided underwriting of Deutsche Telekom’s headquarters building in Bonn.

After fully underwriting the loan, MünchenerHyp placed 50 percent of the financing with external investors.

The financed building complex is located in the federal district (Bundesviertel) of Bonn and is fully let to Deutsche Telekom AG. The property has over 81,000 square metres of space and 946 underground parking spaces.

The borrower is a Korean consortium led by Meritz Securities. The consortium founded a property administration company owned by a Korean trust. The firm of King & Wood Mallesons served as legal advisors for the transaction. The buyers were advised by GREA GmbH (German Real Estate Advisors, Frankfurt am Main).

“We are very pleased to have been able to finance this very impressive building complex in a central office location in Bonn that has very good transport links”, said Jan Polland, MünchenerHyp’s head of Direct Customers. “We are particularly proud of the fact that this financing transaction also included  providing advice to an international client and that he trusted us to assume full underwriting responsibility to finance the transaction“, added Dr. Jan Peter Annecke, head of Commercial Property Finance at MünchenerHyp.

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MünchenerHyp finances purchase of 69 Boulevard Haussmann in Paris

27.02.2017 - Münchener Hypothekenbank eG has financed the purchase of an office and commercial building located in the central business district of Paris at 69 Boulevard Haussmann.

The financing has a volume of € 64 million. The building was acquired by Encore+, an open-ended fund managed by Aviva Investors with LaSalle Investment serving as the asset manager.

The property is located on the south side of Boulevard Haussmann, which is known as the best office location in Paris. The building’s approximately 7,400 square meters of office space have been let to four companies with UBS as the anchor tenant.

Encore+ was established in 2006 and is solely focused on institutional investors. The fund’s investment emphasis is on core and core+ properties in Europe and is mainly invested in office, retail and logistics properties. MünchenerHyp has previously provided financing for two Encore+ deals.

“We are very pleased that we again had the opportunity to prove our ability to provide competitive financing in the fiercely contested French market“, said Dr. Jan Peter Annecke, the Head of Commercial Real Estate Finance at MünchenerHyp. “We are particularly pleased that this interesting property attractively located in the heart of Paris allows us to further intensify our business relationships with LaSalle and Aviva Investors“, added Jan Polland, Head of Commercial Real Estate Finance - Direct Clients.

Roberto Carrera, European Head of Financing at LaSalle noted: “My team maintains an ongoing dialogue with leading property lenders in Europe, which enables us to always find the most appropriate financing partner for every property investment. MünchenerHyp’s very attractive financing package put them at the top of our selection process.”

Jeffrey King, Fund Manager of Encore+ at Aviva Investors said: “The income profile and risk characteristics of this asset make it an attractive option for the Fund to secure external debt in its financing structure. We are pleased that in MünchenerHyp we have once again found an outstanding partner for Encore+.”

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