On February 19, Crédit Agricole CIB was joint bookrunner for WestLB’s 5-year public sector Jumbo PfandbriefGerman Pfandbriefen, whose origins date from 1769 and whose current regime is set by a law revised in 1998, are bonds backed by very high quality assets, primarily mortgage loans including a mortgage clause on the buildings financed as well as government loans to local government bodies (communal loans) and other public entities. of EUR 1 billion.

 

The issue revealed successful with a quickly growing demand, enabling the issuer to comfortably print a EUR 1 billion transaction in line with guidance. Size and price were properly balanced to ensure a good performance in the secondary market.

 

The issue was widely placed with 80 investors, mainly from Germany (80%) but also with a good participation from Benelux, United Kingdom and Italy. The major investor groups were banks/savings banks (50%) and central banks (24%), followed by fund managers (18%).

 

Crédit Agricole CIB maintains a long-standing relationship with WestLB in several business areas. The mandate as joint bookrunner in this transaction witnesses the quality of the relationship to WestLB and will further generate a high visibility for Crédit Agricole CIB in the German Pfandbrief market.

WestLB AG is a European commercial bank and provider of financial services with firm roots in North Rhine-Westphalia, Germany´s largest federal state. It is the central institution for the savings banks in North Rhine-Westphalia and Brandenburg, and as an internationally operating commercial bank it acts as their link to the global financial markets.