News, analysis, data

These are the details of the selected bond:

  • Issuer: DZ Hyp
  • Covered bond rating(s) at launch: Aaa (Moody's) AAA (S&P)
  • Amount: EUR1,000m
  • Maturity date: 27 February 2032
  • Re-offer price: 99.825
  • Coupon: 2.75%
  • Swap spread: 37bp
  • Government spread: 44.2bp
  • Pricing date: 22 January 2025
  • Settlement date: 29 January 2025
  • Bookrunners: CIBC, Danske, DZ, Erste, Natixis, NordLB
  • Country: Germany
  • ISIN: DE000A3825P2
  • Collateral type: Mortgage
  • The CBR bond ID: 3042
  • Green, social, sustainability description: unlabelled

Coverage of this deal:

DZ Hyp takes Germany to 7s, tests investor price sensitivity 22 January 2025

DZ Hyp successfully extended the German Pfandbrief curve out to seven years for the first time in 2025 with a twice-subscribed €1bn deal today, but suffered the greatest book attrition of any euro benchmark covered bond yet this year, suggesting investors’ pricing limits are being tested.

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