NORD/LB issues 10-year Jumbo Pfandbrief
Monday saw NORD/LB issue a 10-year public-sector Pfandbrief with a face value of EUR 750 million.
The order book already registered a volume of EUR 750 million only one hour after opening on Monday morning. On closing at 12:00 midday the books had logged an order intake of just over EUR 900 million – thus exceeding by far the requisite minimum volume of EUR 500 million for a benchmark issue. At 90 percent, Germany accounted for the largest proportion of placements.
The coupon was set at 0.25 percent. The interest thus stands at 11 basis points below the relevant mid-swap rate.
This is NORD/LB's first issue of a public-sector Pfandbrief in benchmark format since early 2015. NORD / LB acted as one of five lead managers. The bonds are admitted for trading on the stock exchanges in Hanover and Frankfurt, rated Aaa / AAA by the rating agencies (Moody's / Fitch).
With total assets of EUR 179 billion, NORD/LB Norddeutsche Landesbank is among Germany's leading commercial banks. Its core business fields include structured financing in the energy and infrastructure sectors, ship and aircraft financing, corporate banking, commercial real estate financing, capital market business and the servicing of private and corporate customers. The bank is headquartered in Hanover, Braunschweig and Magdeburg, with branch operations in Düsseldorf, Hamburg, Munich, Schwerin and Stuttgart. NORD/LB is represented outside of Germany by a mortgage bond bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York, Singapore and Shanghai.
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