German financier pbb Deutsche Pfandbrief has issued a €500 mln public sector Pfandbrief.
German financier pbb Deutsche Pfandbrief has issued a €500 mln public sector Pfandbrief.
The Pfandbrief matures on 29 May 2028, the first time in several years that a covered bond with such a long duration has been issued.
The Pfandbrief has a 2.375% coupon, with ppb Deutsche Pfandbriefbank pays 40 basis point (0.40%) spread over mid-swaps. Based on the re-offer price of 98.612%, the Pfandbrief provides a 2.487% yield.
Pbb has issued a number of covered bonds so far this year, including two €500 mln benchmark mortgage Pfandbrief issues, as well as a €500 mln senior unsecured benchmark bond, the second one subsequently increased by an additional €360 mln.
The financier also sold sizeable Pfandbrief issues through private placements, and in foreign currency. In total pbb raised long-term funds of some €3.1 bn during the first quarter 2013.
