MünchenerHyp very successfully issues US dollar denominated Mortgage Pfandbrief

 Münchener Hypothekenbank eG has again issued a US dollar denominated benchmark Mortgage Pfandbrief.
The 3-year Pfandbrief has a volume of USD 600 million and a coupon of 1.375 percent. Pricing of the bond has been fixed at a Euro equivalent of 6 month Euribor of minus 10.5 basis points – a price level that was far beyond prices attained thus far by this year’s euro-denominated Pfandbrief issues.

Demand for the Pfandbrief was very high and primarily driven by international investors. The order was closed within a short time after orders for more than USD 900 million were received. A total of 33 orders from 14 countries on three continents were received. Most of the orders, 38 percent, came from Germany followed by investors located in Africa and the Middle East with almost 18 percent, and Austria/Switzerland accounting for 11 percent of the orders. The largest group of investors, accounting for 45 percent of the volume sold, consisted of supranationals, agencies and sovereign wealth funds.

“This issue enabled us to win new investors who do not usually subscribe to new euro-denominated Pfandbrief issues. This further strengthens our investor base and at the same time reflects the high reputation our Pfandbriefe have earned internationally “, said Dr. Louis Hagen, Chairman of the Münchener Hypothekenbank’s Board of Management.

The transaction was accompanied by Barclays, Deutsche Bank, DZ Bank, Goldman Sachs and Nomura. The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.

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