MünchenerHyp successfully issues new benchmark Mortgage Pfandbrief
Münchener Hypothekenbank eG announced today that it placed its second benchmark issue of the year.
The 8-year Mortgage Pfandbrief has a volume of € 750 million and carries a coupon of 0.5 percent. The order book recorded € 1 billion in orders for the new issue. The Bank attained a price of 17 basis points below the mid-swap rate for the issue.
“Good investor demand reflects the unchanged refinancing strength of MünchenerHyp even in an interest rate environment that remains challenging”, said Dr. Louis Hagen, Spokesman for the Münchener Hypothekenbank’s Board of Management.
A total of 46 orders from 12 countries were received. German investors subscribed to about three-quarters of the volume issued. In terms of investor category, central banks accounted for 43 percent of the volume issued with banks subscribing to about 35 percent while 22 percent was purchased by funds and insurance companies.
“The excellent and partner-like collaboration with the consortium banks also contributed towards the success of the issue“, said Rafael Scholz, Head of Treasury at MünchenerHyp. The transaction was accompanied by DZ Bank, LBBW, UBS and UniCredit.
The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.