pbb stock up 6.5% as lender completes flotation

Shares in newly-floated pbb Deutsche Pfandbriefbank started trading today at €11.45 each, a 6.5% premium over the €10.75 issue price. Hypo Real Estate (HRE), pbb’s owner, along with the syndicate banks and Germany’s Federal Agency for Financial Market Stabilisation, had set the offer price yesterday at €10.75 each.