apoBank placed first mortgage Pfandbrief with a volume of EUR 500 m

18.06.2008

apoBank placed its first mortgage Pfandbrief with a volume of EUR 500 m in the European capital markets.

The issue is a fixed rate Pfandbrief with a five year maturity and pays a coupon of 5.125 per cent. The deal was lead-managed by Barclays Capital, DZ BANK, JPMorgan und LBBW.

After a jumbo issue has initially been targeted, apoBank decided in a still challenging market environment to issue a smaller transaction at a spread level that corresponds to the high-quality cover pool.

With it’s Pfandbrief debut, apoBank realizes its funding strategy and further diversifies its refinancing structure, which is already broad due to a high volume of client deposits and securitised liabilities.

In the future apoBank plans to act as a regular issuer of mortgage Pfandbriefe in the capital market. While apoBank plans to place smaller issues in registered and bearer form the establishment of a jumbo Pfandbrief curve is not the main objective.

The Pfandbrief is documented off the existing "Debt Issuance Programme" and will be listed at the Luxembourg stock exchange.

apoBank's cover pool for the issuance of mortgage Pfandbriefe is rated at the best rating AAA by the rating agency Standard & Poor’s.