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.

DG Hyp: bringing new year cheer

Construction conservatism | Essen Hyp: leading the way with jumbos | Eurohypo: biggest in the market

If there were anxieties about how the Pfandbrief market would perform in 2005, Deutsche Genossenschafts-Hypothekenbank helped put minds at rest in January when it opened the jumbo Pfandbrief market for the year. DG Hyp's €2 billion seven-year deal was oversubscribed by investors in the space of just over one hour and eventually priced at one basis point over mid-swaps. The bond price traded through Euribor in the secondary market. Some 54% of the bonds issued were sold outside Germany. It was lead managed by Barclays, DZ Bank, HVB, and WestLB.

"You need a bit of luck," says DG Hyp's head of treasury, Hartmut Rahner. "It's always hard to predict what the reaction will be at the beginning of the year, but we chose to issue in a very favourable environment. We were looking for €2 billion, and within three hours we had more than €4 billion on our books and we were happy with the secondary market performance.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and 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