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Best covered bond borrower

Depfa Bank
No other issuer has done as much to promote the internationalization of the covered bond markets

Hoggett: Depfa is now recognized
as a covered bond issuer taking
product to the broadest possible
selection of investors

When is a bank not a bank? When it's an agency. Plenty of privately owned banks have tried to position themselves alongside the likes of the European Investment Bank or the US government sponsored enterprises when it comes to funding, but few have made as much progress as Depfa. Look, for example, at the dollar deal it priced and launched last month – Depfa's first dollar bond for nearly two years. Fifty-three per cent of the deal went to Asia and 26% to the US. Around half of the deal went to central  banks and 40% to fund managers.

"I've never seen a covered bond deal like it – dollar denominated and building the type of order book more usually associated with the agency space," says Christof Jütten at Goldman Sachs, one of three managers alongside HSBC and Morgan Stanley. 

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