Hypo Real estate Bank has launched a €1.5 bn Senior Unsecured Benchmark bond. It carries a variable coupon of three-months-Euribor +0.125% and matures in three years. The reoffer-spread has been set at +20 bp over three-months-Euribor and the reoffer price has been fixed at 99.786%.

Hypo Real estate Bank has launched a €1.5 bn Senior Unsecured Benchmark bond. It carries a variable coupon of three-months-Euribor +0.125% and matures in three years. The reoffer-spread has been set at +20 bp over three-months-Euribor and the reoffer price has been fixed at 99.786%.

The placement was carried out by a banking consortium comprising ABN Amro, Dresdner Kleinwort and UniCredit Group (HVB) as lead managers and a group of co-leads including Bayerische Landesbank, DZ-Bank, Landesbank Baden-Wurttemberg, Nord LB and Raiffeisenzentralbank Osterreich. In Germany 49% was placed, followed by Italy (11%) and France (10%). 148 investors subscribed with orders of €2.98 bn.