German lender Pbb Deutsche Pfandbriefbank has placed a €500 mln five-year benchmark mortgage Pfandbrief with a coupon of 1%.

German lender Pbb Deutsche Pfandbriefbank has placed a €500 mln five-year benchmark mortgage Pfandbrief with a coupon of 1%.

Based on the re-offer price of 99.40% the Pfandbrief has a 1.124% yield.

'The Pfandbrief met with a very positive market response and was heavily oversubscribed with orders totalling more than €1 bn,' the bank said in a statement.

At more than 75%, Germany accounted for the largest share of the placements followed by the Benelux, Denmark and UK.

The issue was arranged by a syndicate comprising Deka Bank, DZ Bank, Natixis, NordLB and Unicredit.