Issuer: DePfa
Date: July 1998
Amount: Dm5 billion ($3 billion)
Bookrunners: Commerzbank, Goldman Sachs
If 1998 was the year that Pfandbriefe went global, the institution that did most to internationalize this German asset-backed product was Deutsche Pfandbrief- und Hypothekenbank (DePfa). The bank issued two jumbo global bonds in 1998. The first, issued in January, was for Dm4 billion ($2.3 billion) and later reopened and increased to Dm6 billion. But in our judgement, the second deal is, by a whisker, the best Pfandbrief issue of the year.
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