Berlin Hyp has issued its first benchmark mortgage pfandbrief this year. The eight-year, €500m bond, with a coupon of 0.75 percent, has been rated Aaa by Moody’s. ABN Amro, Barclays, DZ Bank, LBBW and UniCredit are the syndicated banks assigned by Berlin Hyp. They opened their order books on Monday morning with a spread of mid-swap -15 basis points. By the time the order books closed at midday, orders of around €700m had been generated from more than 40 individual accounts. The majority of subscriptions came from Germany (71 percent), followed by the UK (14 percent) and Asia (5 percent).
