June 2007
Best borrowers 2007: Best covered bond issuer: Depfa Bank
The bank has achieved its long-held aim of penetrating the US investor base with its covered bonds, to the benefit of all international issuers.
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"We feel that the product has now been firmly positioned in the high-quality rates/agency space" Julia Hoggett, Depfa |
Depfa has done more than most to encourage the development of covered bonds in the US market, so it was fitting that the Dublin-based company should have made one of the most successful forays into this burgeoning arena. The success of Depfa’s 30-year, $1.25 billion covered bond, issued in March and aimed specifically at US investors, surprised even the bank itself. In a matter of hours after the issue was launched it was oversubscribed to the tune of $1.8 billion. Some 88% of the deal was distributed into the US – the highest US participation in a covered bond to date.
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