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Press Releases

MünchenerHyp has reopened the covered bond market with a benchmark Mortgage Pfandbrief

18.08.2017 - Münchener Hypothekenbank eG has set an end to this year’s summer break while issuing its second Mortgage Pfandbrief in benchmark size.

The issue met a huge investor demand so that the bank had decided to increase the volume to € 750 million. The order book had exceeded € 1 billion in size.

The maturity of the Mortgage Pfandbrief is a long 9 years and has a coupon of 0.625 percent. The bond was priced at midswap minus 13 basis points.

The issue has attracted 64 orders from 10 countries. The regional focus was clearly on Germany with 85 percent followed by investors from Asia, Middle East, Austria and Switzerland. The biggest investor group were banks with a share of 41 percent nearly at the same level with central banks and sovereign wealth funds.

"The big investor demand reflects the high liquidity in the covered bond market with a clear advantage for a well-known investor like MünchenerHyp", said Bernhard Heinlein, member of the Board of Management at Münchener Hypothekenbank.

The transaction has been lead managed by BayernLB, Deka Bank, DZ BANK and UniCredit. Bankhaus Lampe had a Co-Lead.

The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.

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Münchener Hypothekenbank extends Dr. Louis Hagen’s contract as Chairman of the Board of Management

26.07.2017 - Münchener Hypothekenbank’s Supervisory Board announced today that it has extended the Board of Management contract of Dr. Louis Hagen (59) as Chairman of the Board of Management earlier than scheduled until 2023. .

Dr. Louis Hagen has been a member of MünchenerHyp’s Board of Management since 2009 and was appointed Spokesman for the Münchener Hypothekenbank’s Board of Management in 2010 and then Chairman in 2016. He is responsible for Bank Strategy. 

In his comments on the contract extention Wolfhard Binder, the Chairman of the Supervisory Board of Münchener Hypothekenbank, noted that “Dr. Louis Hagen’s confident leadership and strategic capabilities enabled MünchenerHyp to develop very successfully during an eventful time. In view of the unbroken great challenges and regulatory issues facing the market we are pleased to continue the trustful collaboration with Dr. Hagen.”

The members of Münchener Hypothekenbank’s Board of Management are: Dr. Louis Hagen, Chairman and Head of Bank Strategy, Bernhard Heinlein, Head of Markets, and Michael Jung, Head of Transaction Management.

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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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