NORD/LB issued a Covered Bond in benchmark format

Yesterday, NORD/LB Norddeutsche Landesbank successfully issued a Mortgage Pfandbrief with a benchmark volume of EUR 500 million.

Yesterday, NORD/LB Norddeutsche Landesbank successfully issued a Mortgage Pfandbrief with a benchmark volume of EUR 500 million. The bond has a term of 3¼ years, with an expected Moody's rating of Aa1.

The Pfandbrief met an exceptionally high level of interest in the market. The main demand was by banks in German-speaking countries. 15% of the issue’s placement was international. The coupon is 1.375% and the yield is 1.399%, which is a premium over mid-swap of three basis points. The order book was opened at 9:15 a.m. and closed again at 11:30 a.m. It was more than four times oversubscribed at EUR 2.1 billion.


Press release as PDF-Download


About NORD/LB
NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.

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