Multi-currency Depfa buyback achieves 79% hit rate
FMS Wertmanagement is buying back approximately 79% of some Eu3.27bn of Depfa covered bonds in euros, Canadian dollars, Swiss francs and US dollars, according to figures released yesterday (Tuesday).
The wind-down institution announced the tender for eight covered bonds of Depfa ACS Bank and Depfa/Hypo Pfandbrief Bank International on 19 January. It released figures for the North American and European issues yesterday as well as fixing repurchase prices.
The below table summarises the amounts bought back. (The aggregate numbers cited above are based on yesterday’s exchange rates.)
Issuer Bond Currency Repurchased (m) Outstanding (m) Percentage
Depfa ACS Bank 5.125% 2037 US24957AN19/DE000A0LPMX0 USD 927.211 962.601 96.32
Depfa ACS Bank 5.25% 2025 CA249575AG69 CAD 297.419 300 99.14
Depfa ACS Bank 4.9% 2035 CA249575AJ09 CAD 349.45 350 99.84
Depfa ACS Bank 4.875% 2019 DE000A0BCLA9 EUR 551.3 1000 55.13
Depfa ACS Bank 2.125% 2017 CH0022738105 CHF 191.94 266.645 71.98
Depfa ACS Bank 2.375% 2019 CH0024021302 CHF 140.64 200 70.32
Hypo PBl 3.125% 2020 CH0026463577 CHF 304.995 397 76.82
Depfa ACS Bank 3.25% 2031 CH0026116084 CHF 195.64 200 97.82
The highest hit rates were for the Canadian and US dollar issues, as well as the longest dated Swiss franc.
Payments are to be made tomorrow. Deutsche Bank is dealer manager.
