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Berlin Hyp places €500M benchmark covered bond

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Berlin Hyp places €500M benchmark covered bond

Berlin Hyp AG placed a €500 million benchmark mortgage covered bond with a maturity of five years and paying a coupon of 0.25%.

The issue was nearly 2x oversubscribed with €940 million in total orders received, the bank said. The initially offered spread stood at 8 basis points below midswaps and a reorder spread was later fixed at 10 basis points below midswaps.

A total 54% of investors in the new issues were banks and savings banks and 66% of the total investor base is from Germany.