WestLB Covered Bond Bank Plc Awards Mandate for Euro Benchmark Issue
WestLB Covered Bond Bank Plc, Dublin, has mandated WestLB AG, ABN Amro, Citigroup and Merrill Lynch as joint bookrunners for its inaugural Irish covered bond (ACS) Euro benchmark issue. The issue, with an expected maturity of five to ten years, will be launched following extensive pan-European and Asian roadshows taking place in September, subject to market conditions. WestLB Covered Bond Bank is rated Aa1 stable/Prime –1 by Moody´s.
The Asset Covered Securities (ACS) market is an attractive alternative for covered bond investors who are looking to diversify their portfolios because of the strong legal framework and its growth potential.
Irish Asset Covered Securities are covered bonds, which are collateralised either by public sector assets or first-rank mortgages and may only be issued by Designated Credit Institutions (DCIs). Depfa ACS Bank, a subsidiary of Depfa Bank plc, and WestLB Covered Bond Bank, Dublin, the WestLB subsidiary, currently have DCI status and are authorised to issue ACS.