pbb to return with euro benchmark

Deutsche Pfandbriefbank (pbb) intends to return to the covered bond market in H2 with its first benchmark deal since January 2010. The European Commission on Wednesday approved state aid provided to Hypo Real Estate Group (HRE), of which pbb is a subsidiary, from the Federal Republic of Germany. In a presentation, HRE clarified pbb’s EC approved business model, which will focus on Pfandbrief eligible business in Germany and other European countries.