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DEPFA Deutsche Pfandbriefbank will in the coming weeks launch the first ever 30 year jumbo Pfandbrief, a Eulbn global bond via Deutsche Bank, Dresdner Kleinwort Benson and Schroder Salomon Smith Barney.
According to syndicate officials, DePfa had initially hoped to raise Eu2bn.
However, Bettina Klose, head of capital markets at the German mortgage bank, told Euroweek that despite the modest size, she believes the 30 year maturity is ready for a benchmark.
"We do not want to have an issue size too large because we do not want to overload the market," said Klose. "But we feel that there is a lack of credit product at the long end of the curve. Euro credit product is non-existent at that far out, there are no Pfandbriefe, corporates or agencies present there.
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