Germany

Deutsche Apotheker und Ärztebank (apoBank), Germany’s largest primary co-operative bank, opened books on its debut mortgage Pfandbrief this (Tuesday) morning. Bookbuilding was proving to be a drawn out process, with several factors said to be working against apoBank.

In brief: German finance minister Peer Steinbrueck last week told a meeting of the Association of German Pfandbrief Banks that aircraft Pfandbrief would be allowed under the planned change to the Pfandbrief Act.

The Association of German Pfandbrief Banks (vdp) on Friday re-elected Henning Rasche, member of the board of management of Eurohypo, as its president for a further two years.

NordLB priced a new Eu1bn five year jumbo Pfandbrief at the tight end of guidance this morning after bookbuilding strongly yesterday. It was supported by a strong domestic bid and the shrinking supply of public Pfandbrief, with issuers from other classes and regions looking on enviously at the pricing still achieved from the product.

Germany’s NordLB opened the books on a new five year benchmark sized public sector Pfandbrief this morning, and has been rewarded for keeping to the rough timetable it suggested last week.

In brief: Deutsche Apotheker und Ärztebank has mandated Barclays Capital, DZ Bank, JP Morgan and Landesbank Baden-Württemberg for its debut jumbo covered bond.

In brief: Having completed its roadshow, Germany’s NordLB has decided to the time is nearly right to re-enter the primary market, mandating Barclays Capital, Citi, Dresdner Kleinwort, NordLB and UBS to lead manage the sale of a five year public sector euro benchmark Pfandbrief.

Eurohypo sold the first 10 year mortgage backed jumbo Pfandbrief yesterday (Tuesday) afternoon since before the crisis took hold last summer, a Eu1bn transaction priced at the tight end of guidance. A Eurohypo official said that the deal’s success vindicated the issuer’s decision to launch the transaction, which replaced its originally planned shorter dated public sector backed issue.

Eurohypo adopted a change of tactics with its latest covered bond this (Tuesday) morning. Having initially awarded a mandate for a five year public sector deal, the issuer has switched to a mortgage backed jumbo and pushed the maturity out beyond its original plans.

Following the recent news that Landesbank Baden-Württemberg is planning to expand its presence in the Pfandbrief market to include mortgage backed issuance, The Cover spoke to the bank about its issuance plans and cover pool.

After its second jumbo Pfandbrief yesterday (Wednesday), The Cover spoke to Deutsche Postbank about what the deal says about the issuer’s standing with investors, and about the bank’s plans for the remainder of the year.

Deutsche Postbank priced a Eu1bn seven year mortgage backed deal this morning at the bottom end of size expectations. But while the pricing might not have excited investors, it provided some relief to other Pfandbrief issuers in the pipeline.