DVB Bank SE placed second EUR500 million senior unsecured benchmark issue in 2013

Frankfurt/Main, 27 November 2013 – DVB Bank SE (ISIN: DE0008045501) today announced the issuance of a benchmark bond: On Monday, 25 November 2013, DVB Bank successfully launched and priced its second EUR500 million senior unsecured benchmark transaction in 2013. Since May 2012, DVB has been establishing its benchmark curve, starting with a three-year maturity followed by two issues with five-year maturity. By means of this transaction, DVB extended its own benchmark curve out to seven years.

Wolfgang F. Driese, CEO and Chairman of the DVB’s Board of Managing Directors, commented on this issue as follows:

‘Achieved through constant investor work, the success of this transaction proves DVB’s strong recognition in the capital markets and its attractiveness to a wide range of investors in particular outside Germany. The issue further broadens and diversifies our investor base and we accomplished our objective to build a euro-denominated senior unsecured benchmark curve.’

Following a deal-related roadshow, DVB decided to issue a EUR500 million no-grow benchmark transaction making use of the overall constructive market environment. Books were opened on Monday, 25 November 2013, at 10:00 a.m. CET. There was strong demand from various investors leading to an oversubscribed, highly granular order book which was closed at 10:30 a.m. CET with a total volume of above EUR1.3 billion. The final spread was fixed at mid-swaps +95 basis points and pays an annual fixed coupon of 2.375%.

The final order book saw a significant degree of diversification and granularity with 177 accounts participating:

By investor type, fund managers and banks were the most important investor groups, participating with 48% and 34% respectively, followed by corporates with 9%. Insurance companies as well as pension funds were both allocated 2% of the transaction. Geographically, non-German investors took 51%: investors from Nordic countries were allocated 19%, Austrian/Swiss investors 12%, and investors from the UK 7% and Benelux 5%, respectively.

Transaction details at a glance:
ISIN: XS0999475196 / WKN A1X3GH
Issue size: EUR500 million
Format: senior unsecured bond, ECB eligible
Maturity date: 2 December 2020
Value date: 2 December 2013
Coupon: 2.375%
Spread: 95 basis points over mid-swaps
Joint bookrunners: Crédit Agricole, DZ BANK AG, LBBW and UniCredit