Following a positively received debut issue in September of last year, we have now also successfully placed our second public sector covered bond (Pfandbrief) in the sub-benchmark format for EUR 250 million with a 10-year term on the market.
Despite a very challenging market environment with rising interest rates and competing transactions in all sectors, the covered bond was again oversubscribed. Increased demand from the savings bank sector was particularly noticeable. Overall, very good order book quality was achieved again.
Whereas the spread for the term of the first issue in September was still 8 basis points above the 10-year rate (mid-swap), we were able to go to market with a spread of 4 basis points for the current issue.
In addition to the two lead managers of the first issue, Dekabank and Helaba, Unicredit Bank was included in this issue in order to generate a broader investor base.
For further information, please refer to the attached transaction report of Helaba.
The corresponding investor presentation can be found on our homepage at Investor Relations.