WestLB AG Mandates Joint Leads for Public Jumbo Pfandbrief
WestLB AG has mandated Deutsche Bank, Morgan Stanley, Société Générale and WestLB for the next jumbo public Pfandbrief issue. The transaction will have benchmark size and a medium maturity. The Bank is thereby demonstrating its commitment to further build a liquid benchmark curve for WestLB's investors in the Covered Bond markets. The existing cover pool is rated “AAA” by Standard & Poor´s and “Aaa” by Moody´s Investors Service. The launch is planned following a European roadshow, subject to market conditions.
The Pfandbrief will help to fund WestLB´s growing state and municipal lending business and to diversify its investor base.
WestLB has long-standing expertise in public Pfandbrief issuance. Prior to its transformation into a joint stock company and the loss of its right to issue Pfandbriefe in 2002, the former Westdeutsche Landesbank Girozentrale was one of Germany´s largest Pfandbrief issuers. Following the inaugural € 1.25 billion 10-year issue in 2006 and three benchmark Pfandbrief issues in 2007 (thereof two in jumbo format), WestLB continues to expand the jumbo Pfandbrief curve with this transaction.