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Press Releases

MünchenerHyp hires Thomas Völker to lead the commercial real estate financing activities for international clients

09.01.2018 - Münchener Hypothekenbank eG has hired Thomas Völker as head of commercial real estate international clients.

In his new role at MünchenerHyp he started January 1, 2018. He will be responsible for the expansion of the German lending business with non-German clients. Furthermore, he will be responsible for the commercial lending business with non-German clients in the Bank’s international target markets UK, France, Spain and Benelux as well as expansion into other European real estate markets.

Bernhard Heinlein, member of the board of management of MünchenerHyp: “I am very pleased that Thomas Völker has opted for Münchener Hypothekenbank. With his experience with international customers and markets, we intend to further expand the commercial financing business.”

Völker left Landesbank Hessen-Thüringen at the end of last year after 13 years at the bank. Before that he was working for 5 years for Aareal Bank. During this time he was able to gain experience in most of the European real estate lending markets.

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MünchenerHyp sets record in Swiss Pfandbrief market

27.10.2017 - Münchener Hypothekenbank eG’s most recent Swiss franc denominated Mortgage Pfandbrief set a record in the Swiss capital market.

It marked the first time ever that a foreign covered bond issuer obtained a higher interest rate discount vis-a-vis the Swiss domestic Pfandbrief interest rate curve. The issue was placed at a price 8 basis points below the Swiss franc mid-swap rate.

The Pfandbrief (ISIN CH 0386949314, Series 1778) has a volume of 100 million Swiss francs, a coupon of 0.55 percent and a term of 15 years. The volume issued was placed in Switzerland. Asset managers were the biggest group of buyers and accounted for 40 percent of the volume placed, followed by banks, insurance companies and pension funds.

“We are pleased that the Swiss capital market views us with such high regard as an issuer. The issue is an ideal way for us to obtain matching funds in Swiss francs to refinance our solid and stable mortgage business in Switzerland”, said Dr. Louis Hagen, Chairman of the Münchener Hypothekenbank Board of Management. 

UBS AG served as the sole lead manager for the transaction.

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

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MünchenerHyp: Earnings and new business rise further

25.10.2017 - Münchener Hypothekenbank eG has successfully continued on its course of growth.

During the nine months ending 30 September 2017 the Bank’s interest income rose by 13 percent over the same year-ago period to € 190.3 million (30 September 2016: € 168.5 million). “Thanks to our unbroken favourable new business results we are once again able to strengthen our earnings power as planned”, said Dr. Louis Hagen, the Chairman of the Board of Management of MünchenerHyp commenting on the Bank’s performance as at 30 September 2017. 

In comparison to the same year-ago period the cooperative property financer’s new business grew by 14 percent as at 30 September 2017 and totalled € 3.9 billion (30 September 2016: € 3.4 billion). Loans for private residential housing accounted for € 2.5 billion. This means that new business results for this segment remained at the record level posted in the previous year. In addition, MünchenerHyp posted substantial gains of more than 50 percent in its commercial property finance business as it provided a total of € 1.4 billion (30 September 2016: € 0.9 million) in new financing for commercial property projects during the first nine months. Dr. Louis Hagen noted: “We were able to strengthen our competitive position by expanding our presence in the market, especially outside of Germany, and by further intensifying our customer relationships.”

The Bank is satisfied with the risk situation in its credit business as provisions for lending risks remain at a low level. Results from normal business operations rose by € 10.8 million to € 56.3 million. After tax deductions, the pro rata temporis annual net income for the year rose by € 5.5 million to € 32.6 million.

Total assets rose during the first nine months by € 0.5 billion to € 39.0 billion. MünchenerHyp was once again able to substantially increase its portfolio of mortgage loans as it rose by € 1.2 billion to € 29.1 billion. In contrast, the Bank further reduced its capital markets portfolio in line with its strategic policy.

MünchenerHyp caused a stir in the Pfandbrief market during the summer months when it issued a € 750 million benchmark Mortgage Pfandbrief. “The great interest shown by investors demonstrated that there is still a high level of liquidity in the covered bond market”, said Dr. Louis Hagen. The Pfandbrief has a term of 9 years and two months and a coupon of 0.625 percent. It was placed at a price 13 basis points below the mid-swap rate.

The Bank’s equity resources further improved during the current year as the amount of paid-up capital in the form of shares in the cooperative grew by € 43 million since the start of the year to        € 999.0 million on 30 September 2017. “Meanwhile we have more than € 1 billion in paid-up capital. This clearly reflects the trust our owners have in our performance capabilities and underlines the significance of the MünchenerHyp within the Cooperative Financial Network”, said Dr. Louis Hagen.

Against the background of the favourable results recorded thus far in the current business year, MünchenerHyp views the final quarter with confidence and anticipates that its net income for the full year will be moderately higher than last year’s figure.

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MünchenerHyp once again records notable gains in new business and earnings power during first half of 2017

24.08.2017 - Münchener Hypothekenbank eG remained on its course of growth in the first half of 2017. .

The cooperative property financer expanded its new business by 19 percent to almost € 2.8 billion (30 June 2016: € 2.3 billion). Unbroken high demand for property financing favourably influenced MünchenerHyp’s earnings. During the first six months of the year the Bank’s interest income rose to € 124.8 million, a gain of 12 percent over the same year-ago figure (30 June 2016: € 111.9 million).

“We are very pleased with the way our business has developed thus far in 2017 as we were able to significantly increase the volume of new loan commitments made in both the private residential and the commercial property financing sectors”, noted Dr. Louis Hagen, the Chairman of the Board of Management of MünchenerHyp. The Bank was able to improve its new business in the area of private residential property financing by 4 percent from the already high level reached in the previous year to € 1.8 billion as of 30 June 2017. The further intensification of the Bank’s brokerage business with the cooperative partner banks was the primary driver behind this increase.

New business results in the commercial property financing area – including financing provided to housing companies – grew by € 0.4 billion to € 1 billion. Germany remained the main focus of these lending transactions, although the greatest gains were posted in western European markets outside of Germany.

Refinancing, especially via the Pfandbrief, again took place at very good conditions. During the first half of the year MünchenerHyp issued a large-volume Mortgage Pfandbrief of € 500 million with a term of 10 years. Demand for the issue was very good and at the time it was placed, it had the highest risk discount for covered bonds to this date in 2017.

Provisions made for risks in our lending business remained moderate and reflected the unchanged stable risk situation. Results from normal business operations, after making provisions for risk, rose by € 10.7 million to € 37.8 million. After tax deductions, the pro rata temporis net income for the year amounted to € 22.1 million (2016: € 14.6 million).

Total assets on 30 June 2017 amounted to € 39.1 billion, following € 38.5 billion at the end of 2016. During the same period of time our portfolio of mortgage loans rose by € 0.8 billion to € 28.6 billion. In accordance with MünchenerHyp’s strategy, the Bank’s capital markets portfolio was reduced by € 0.7 billion since the start of 2017 and at mid-year amounted to € 6.1 billion.

On 30 June 2017 the Bank’s Common Equity Tier 1 capital ratio and Tier 1 capital ratio were both 23.7 percent (31 December 2016: 22.9 percent each). The Bank’s total capital ratio was 25.2 percent (31 December 2016: 24.5 percent).

MünchenerHyp is confident that it will be able to continue the favourable development of business through the entire year. “We expect that the strong demand for private and commercial financing will remain intact. We anticipate that we will be able to further expand our new business results“, said Dr. Louis Hagen.

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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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