Deutsche Hypo has announced the issue of a €500 mln five-year mortgage Pfandbrief bond in its largest debt issuance so far this year.

Deutsche Hypo has announced the issue of a €500 mln five-year mortgage Pfandbrief bond in its largest debt issuance so far this year.

The Pfandbrief has a coupon of 0.625% and the issue price was 99.917%.

Deutsche Hypo said it received over 70 orders totalling €1.4 bn in the first half hour after opening the order book.

Deka Bank, DZ Bank, HSBC, NORD / LB and UniCredit have advised on the operation.

'Despite historically low yields and a not so simple geopolitical context, the issue met with a very strong demand and generated a very granular order book,' the bank said in a statement.

Duetsche Hypo issued over €3.3 bn of mortgage bonds in 2013 and is planning a similar amount for this year.