

Pbb Deutsche Pfandbriefbank has issued a US dollar-denominated mortgage Pfandbrief, with a total volume placed of $600 million.
The covered bond has a term of three years and carries an annual coupon of 2.25 percent. Pbb pays a premium of 55 basis points above the current reference swaps rate. The bank said that, based on a re-offer price of 99.827 percent, the bond has a 2.31 percent yield.
The current issue follows a number of pbb funding transactions in non-euro currencies. In January, the bank increased an existing US dollar public sector Pfandbrief issue by $100 million, to $600 million. In addition, pbb issued a £300 million mortgage Pfandbriefe. Year-to-date funding via Pfandbriefe denominated in Swedish krona has already exceeded SEK2.5 billion. Overall, pbb has raised €3.6 billion in long-term funding on the market in 2017 to date.
The latest issue was managed by a syndicate comprising BayernLB, Citibank, Deutsche Bank, DZ BANK, and Goldman Sachs International as joint book-runners.