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24 münchener Hypothekenbank eg | annual report 2014management report Benelux and Asia. Banks were the largest investor group and purchased almost 50 percent of the volume followed by central banks and investment funds. “The issue of the world’s first sustainable Mortgage Pfandbrief was a notable success.” A unique Mortgage Pfandbrief we issued was greeted with an unusually strong and favourable reaction by the market. It was unique because the proceeds were used to refinance loans to cooperative home building associations in Germany that met sustainable environmental, social, and governance criteria. The loans granted by MünchenerHyp will be used to purchase, build, or maintain housing that will be used by socially weaker mem- bers of society and will also be employed to renovate buildings to make them more energy-efficient. In total, the proceeds of the Pfandbrief will provide support to about 200 cooperative home building associations. The issue was the world’s first sus- tainable Pfandbrief (ESG Pfandbrief). The sustainability of this Pfandbrief was confirmed by oekom research, a sustainability rating agency, in a second party opinion. The issue had a volume of € 300 million and was oversubscribed by a factor of 1.6 within a short period of time. The issue has a term of five years and a coupon of 0.375 percent. Due to heavy demand the issue was priced 10 basis points below the mid-swap rate. Germany accounted for more than 60 percent of the order volume. Orders were received from 7 European countries, while on the investors’ side, 47 percent, of the volume was acquired by banks. It was notable that about one third of the volume is- sued was purchased by sustainability-oriented investors. The innovative approach of the sustainable Pfandbrief was hon- oured with the Editor’s Choice Award given by The Cover, a pub- lication that is highly respected among participants in the cov- ered bond market. At the beginning of 2015 we received the CMD Awards for Best Covered Bond Issuer and the Most Inno- vative Green Covered Bond from the Capital Market Data Net- work (CMDportal), an international financial market service network. Our high standing among investors was reflected by winning the title of Best Covered Bond & Pfandbriefbank award- ed by Euromoney, a financial trade publication. Together with a Norwegian bank we were clearly elected number one by the magazine’s readers in the international Best Borrowers Survey 2014. Based on our broad base of investors in Germany and abroad, our issues reflect a good level of diversity. The regional focus was generally on Germany. The Cooperative Financial Network was once again an important partner in the uncovered refinancing segment and covered more than about 60 percent of our requirements. We obtained a total of € 3.4 billion in refinancing funds during the 2014 business year, of which € 2.6 billion in covered issues was accounted for by Mortgage Pfandbriefe and € 94 million by Public Pfandbriefe. Total sales of uncovered securities used for refinancing purposes amounted to € 0.7 billion. Earnings, Financial and Asset Situation Balance sheet structure As of December 31, 2014 total assets had risen to € 36.3 billion following € 34.9 billion posted at the end of 2013. This increase was driven by the very good new business results recorded in the year under review. The mortgage loan portfolio grew by € 2.0 billion to € 23.4 billion over the course of the year. Domestic residential property loans alone accounted for € 1.9 billion of the increase. This portfolio consisted of the following categories of loans: do- mestic mortgage loans € 18.4 billion (previous year € 16.4 billion), of which € 16.2 billion (previous year € 14.3 billion) were residen- tial property loans, and € 2.2 billion (previous year € 2.1 billion) were commercial property loans. The level of foreign loans within