MünchenerHyp successfully issues its first benchmark Mortgage Pfandbrief of 2016
Münchener Hypothekenbank eG’s first benchmark issue of 2016 encountered broad and lively investor demand.
The € 500 million Mortgage Pfandbrief was priced at one basis point below the mid-swap rate. The issue has a coupon of 0.5 percent and a term of 10 years.
The order book was closed after 44 orders were received for just below € 750 million. Orders were noted from investors in ten countries with Germany accounting for over three-quarters of the volume sold followed by Asian and Nordic countries. Banks bought almost 45 percent of the volume placed and represented the biggest group of investors.
“We are very pleased with the national and international demand shown for our benchmark Mortgage Pfandbrief. We were once again able to demonstrate our placement power in a market environment suffering from low interest rates“, said Dr. Louis Hagen, the Chairman of Münchener Hypothekenbank’s Board of Management.
The transaction was accompanied by DZ Bank, HSBC Trinkaus & Burkhardt, LBBW and UniCredit. The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.