By Lisa Kerner
Charlotte, N.C., May 8 – Berlin Hyp provide additional details on its previously announced new mortgage-backed bond, the “Green Pfandbrief,” which was oversubscribed, according to the final terms.
The €500 million Green Pfandbrief has an interest rate of 0.125% and is due 2022.
The issue price was 99.708, and the issue date was May 5.
As previously reported, a consortium including Credit Agricole, DZ Bank, JPMorgan, LBBW and UniCredit Bank placed the seven-year mortgage Pfandbrief in benchmark format. At mid-swap, the re-offer spread was negative 16 basis points, a news release said.
The bond was oversubscribed four times with an order book of close to €2 billion, according to Berlin Hyp.
German investors accounted for 71% participation, followed by Scandinavia with 13% and Austria and Switzerland with 8%, the company said.
About 48% of the issue was placed with sustainable investors.
Berlin Hyp has highlighted loans for green buildings in its mortgage cover pool.
The Berlin-based financing company will use the proceeds for new financing for buildings constructed in accordance with ecological and sustainability criteria.
| Issuer: | Berlin Hyp
|
| Issue: | Green Pfandbrief
|
| Amount: | €500 million
|
| Maturity: | May 5, 2022
|
| Coupon: | 0.125%
|
| Price: | 99.708
|
| Yield: | 0.167%
|
| Spread: | Mid-swap minus 16 bps
|
| Agents: | Credit Agricole, DZ Bank, JPMorgan, LBBW and UniCredit Bank
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AA+
|
| Pricing date: | April 27
|
| Settlement date: | May 5
|
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