WestImmo places second EUR 500m Pfandbrief

Westdeutsche ImmobilienBank (WestImmo) has placed its second EUR 500 mln benchmark mortgage Pfandbrief on the capital market. The coupon amounts to 2.5 %. The Pfandbrief runs until June 2013 and the yield mark-up is 23 basis points above swap-mid.

Westimmo said very strong investor demand meant the issue was closed in 75 minutes. The consortium backing the transaction comprises WestLB, NordLB, Commerzbank and Deutsche Bank.

The issue was largely placed with German investors (87 %). About 5 % was sold to investors from Benelux countries and 4% to investors based in the UK, Italy, Austria and Switzerland. About 73% went to banks, with 13% going to Central Banks, while 12% was sold to other asset managers and 13 % was taken by retail investors.

Standard & Poor's rates WestImmo's mortgage Pfandbrief with its best rating of AAA.