Strong investor demand for Münchener Hypothekenbank's Jumbo Mortgage Pfandbrief
Investor demand for Münchener Hypothekenbank's first large-volume Pfandbrief issue in 2023 was exceptionally strong. The jumbo-sized € 1 billion mortgage Pfandbrief was oversubscribed shortly after the order book opened. After about 1.5 hours, the order book was closed at a volume of € 3.5 billion.
The strong demand was also reflected in the spread. The final issue was launched at minus 9 basis points below mid swap. The Pfandbrief has a maturity of 2 years and 8 months. The coupon is 2.75 per cent.
"The enormous investor interest and the very good price underline the standing of Münchener Hypothekenbank's Pfandbriefe in the market and our quality standards as an issuer," said Dr. Holger Horn, Chairman of the Board of Management of Münchener Hypothekenbank.
A total of 135 orders were placed from 15 countries. The regional focus with 75 percent of the issuance volume was Germany, followed by investors from Southern Europe (7 percent) and Benelux (6 percent each). The largest investor groups were banks with 52 percent of the issuance volume as well as asset managers with 26 percent and central banks and official institutions with 19 percent.
The transaction was lead managed by Barclays, Crédit Agricole, DekaBank, DZ BANK, LBBW and UniCredit.
The rating agency Moody's gives MünchenerHyp mortgage Pfandbriefe its highest rating of Aaa.