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Derivatives

German Regional Bank Enters Swap

Landesbank Hessen-Thüringen (Helaba) has entered an interest rate swap on a recent USD500 million bond offering to convert it into a floating-rate liability. The firm is keeping the proceeds in dollars to match dollar assets, according to a firm official.

In the swap, Helaba pays LIBOR plus a spread and receives the 3.375% fixed coupon on the five-year bond. ABN AMRO and TD Securities were the lead managers on the bond offering. The official declined to disclose the swap counterparty, but said Helaba chooses counterparties based on credit limits.

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