pbb places €750m mortgage Pfandbrief

German real estate lender pbb Deutsche Pfandbriefbank has placed a €750 mln mortgage Pfandbrief with investors.

The 7-year mortgage Pfandbrief has a 0.50 % coupon. Deutsche Pfandbriefbank pays 8 basis points spread over mid-swaps. Based on the re-offer price of 99.221 %, the Pfandbrief has a yield of around 0.614 %.

pbb's said the offer was met with a 'very positive market response' and was 'nicely over-subscribed'. Investors from Germany dominated the order book.

The issue was arranged by a syndicate comprising BayernLB, Commerzbank, Crédit Agricole Corporate and Investment Bank (CACIB), Deutsche Bank, DZ Bank as Joint Book Runners an Bankhaus Lampe as Co-Lead.