German lender HSH Nordbank has placed a EUR 500 mln mortgage pfandbrief with a four-year term, the second covered mortgage bond of this size to be issued by the bank this year. It comes days after pbb Deutsche Pfandbriefbank placed a EUR 500 mln bond.
German lender HSH Nordbank has placed a EUR 500 mln mortgage pfandbrief with a four-year term, the second covered mortgage bond of this size to be issued by the bank this year. It comes days after pbb Deutsche Pfandbriefbank placed a EUR 500 mln bond.
The coupon of the latest pfandbrief was set at 1.125%. The issue price of 99.57% equates to a re-offer spread of 18 basis points above the mid-market swap rate.
HSH Nordbank closed its book, by then almost two times oversubscribed, less than an hour after the issue process began due to strong demand from domestic and international institutional investors.
HSH Nordbank issued the pfandbrief as joint lead manager together with BNP Paribas, Commerzbank, DZ Bank and HSBC.
