Stadtsparkasse Köln Issues € 200 Million Pfandbrief
Under the joint lead management of WestLB AG, Dresdner Kleinwort Wasserstein (DrKW) and HypoVereinsbank HVB), Stadtsparkasse Köln is issuing a Pfandbrief with a total volume of € 200 million as part of its MTN programme. The five-year note (SCN 808 493), which is due on June 23, 2008, carries a coupon equivalent to 6-month Euribor flat. The issue price is 99.884%, The Pfandbrief is rated AAA by Moody´s and is listed on the Düsseldorf Stock Exchange. Payment date is June 23, 2003.
Following the issue of a three-year Pfandbrief with a coupon of 4.25% last year, the new issue of Stadtsparkasse Köln marks the further development of Pfandbrief issuance as a new business segment for the savings banks.
Pfandbriefe are also widely discussed in the associations, where the terms and conditions are determined and the infrastructure is developed. Other savings banks are also planning to issue Pfandbriefe in the future. WestLB, DrKW and HVB, the lead managers for the issue of Stadtsparkasse Köln, see considerable potential for this asset class . Their participation underscores their commitment to this product as well as their interest in its further development.