MünchenerHyp US-Dollar Benchmark Mortage Pfandbrief meets strong international investor demand

Münchener Hypothekenbank eG (MünchenerHyp) has launched a successful Benchmark Mortgage Pfandbrief with a volume of USD 600 million and a tenor of long three years. 

The international demand for the bond was very strong. The orderbook has reached a volume of USD 1.2 bn. The USD Pfandbrief is bearing a coupon of 2,0 percent which reflects a placement at USD mid swap plus 26 basis points.

“Many international investor appreciate our capability to issue Pfandbriefe in foreign currencies. This is the key to cover our broad investor base and refinance our assets without currency mismatch“, says Dr. Louis Hagen, chairman of the board of management of MünchenerHyp. 

The bond has attracted 31 orders from 11 countries. Regional focus was Germany with 30 percent, followed by investors from UK (25 percent) and Austria and Switzerland (23 percent). Banks were the major investor group with 51 percent followed by central banks and official institutions (41 percent) and asset managers (8 percent). 

The transaction has been lead managed by Credit Suisse, DZ Bank, HSBC, NatWest and RBC Royal Bank of Canada.

The rating agency Moody’s has given its highest rating of Aaa to MünchenerHyp’s Mortgage Pfandbriefe.