German property lender Westdeutsche ImmobilienBank (WestImmo) said on Tuesday it had successfully placed a EUR 500 mln mortgage Pfandbrief on the capital market. The coupon amounts to 3% and the yield mark-up is 55 basis points above swap average. The term is three-and-a-half years.
German property lender Westdeutsche ImmobilienBank (WestImmo) said on Tuesday it had successfully placed a EUR 500 mln mortgage Pfandbrief on the capital market. The coupon amounts to 3% and the yield mark-up is 55 basis points above swap average. The term is three-and-a-half years.
The consortium backing the transaction comprises WestLB, DZ Bank and UniCredit Group (HVB). The issue was placed largely with German investors. About 45% was taken up by funds and other asset managers while 55% went to banks in the savings bank and cooperative sector.
The issue marks WestImmo's return to the ranks of major mortgage Pfandbrief issuers after a break of five years. In recent times the bank has placed smaller coupons on the capital market on an ongoing basis. In 2008 WestImmo's issue volume was EUR 1.9 bn.
