HSH Nordbank repays the final SoFFin bond
Hamburg/Kiel, July 24, 2012 - HSH Nordbank on Monday repaid its last bond, in the amount of EUR 3 billion, guaranteed by the Special Financial Market Stabilisation Fund (SoFFin). The SoFFin guarantee facility, which was applied for in 2008 and utilisation of which peaked at EUR 17 billion, was thereby repaid on schedule.
HSH Nordbank's expenses pertaining to provision of public-sector guarantees will thereby again come down substantially. In total, HSH Nordbank paid more than EUR 300 million for SoFFin guarantees.
The Bank has steadily strengthened its funding and expanded its funding base over the past few years. "With the repayment of our last SoFFin bond we have regained a further significant step along the way to our complete independence," said Paul Lerbinger, CEO of HSH Nordbank. "Today again we are able to source funding on the capital market independently from government support measures. This being enhanced by a significantly improved perception of the Bank among our funding partners since completion of the EU state aid proceeding and the introduction of our new business model."
In the first quarter of 2012 alone HSH Nordbank overfulfilled its target for new issues. In May the Bank in addition to that successfully placed its second benchmark mortgage pfandbrief bond this year. The amount was EUR 500 million in each case.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.