NORD/LB CBB issues USD benchmark emission with a volume of US$ 650 million

NORD/LB Luxembourg Covered Bond Bank (NORD/LB CBB) issued on Tuesday a Luxembourg “Lettres de Gage publiques” Pfandbrief with a term of 3 years and a volume of US$ 650 million. This is the first US dollar issuance to be performed by NORD/LB CBB. The issuance makes US dollar funding available to the NORD/LB Group for the funding of its international lending business.

By the time the subscription register closed at 1 p.m., subscription applications from 34 prospective investors from 14 countries, covering more than a billion US dollars, were on hand. At a proportion of 42 per cent, the majority of the issue was placed in Scandinavia.

The coupon was set at 2.875 %. Interest is at 45 basis points above the three-month USD LIBOR mid-swap rate.

NORD/LB acted as one of five syndicate leaders. The securities, which are rated by rating agency Moody’s at Aa3 and by Fitch at AAA, are approved for trade at the stock exchange in Luxembourg.

NORD/LB Luxembourg S.A. Covered Bond Bank
NORD/LB Luxembourg S.A. Covered Bond Bank is a 100% subsidiary of NORD/LB Norddeutsche Landesbank with its head office in Luxembourg and total assets of € 15.9 billion. Its principal line of business is the issuance of Pfandbriefs according to Luxembourg law (lettre de gage).


NORD/LB Corporate Communication
Friedrichswall 10
30159 Hannover

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