Benchmark mortgage Pfandbrief placed

Hamburg/Kiel, January 20, 2011 - HSH Nordbank today closed its first larger-sized capital market transaction of 2011.

The Bank placed a mortgage Pfandbrief in the amount of EUR 500 million and a term of 3.5 years. The coupon is 2.5 percent. The issue price was set at 99.622 percent, which equates to a re-offer spread of 25 basis points above the mid-market swap rate. Back in December rating agency Moody’s already gave the related cover pool amounting to about six billion euros the highest possible rating of Aaa. HSH Nordbank is thus the only bank in Germany to have three rated Pfandbrief cover pools.

Up to midday, the mortgage Pfandbriefs order book reached the targeted amount, allowing it to be closed with over-subscription. HSH Nordbank issued the mortgage Pfandbrief as joint lead together with BNP Paribas, Commerzbank, Deutsche Bank and Société Générale.

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