The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Essen Hyp: leading the way with jumbos

Construction conservatism | DG Hyp: bringing new year cheer | Eurohypo: biggest in the market

Hypothekenbank in Essen was 2004's most copious issuer of jumbo Pfandbriefe, providing 19% of gross supply. At the beginning of this year it accounted for 10% of all outstanding jumbo Pfandbriefe.

Essen Hyp, 51% owned by Commerzbank Group,  is the third-largest pure mortgage bank in Germany, with total assets approaching €80 billion. Public sector lending accounts for about 75% of the balance sheet. It has annual funding requirements of between €30 billion and €35 billion.

Essen Hyp has already benefited from Moody's revised approach to covered bond ratings. Its public sector Pfandbriefe were upgraded to AAA on February 17. Essen Hyp's public sector Pfandbriefe now have AAA ratings from all three of the major rating agencies.

"Moody's stated that the rating upgrade was first of all due to the excellent quality of our public-sector cover pool, which was confirmed by the even more detailed analysis carried out as part of the new rating approach," says Essen Hyp chairman Hubert Schulte-Kemper.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree