DVB Bank SE

EANS-News: DVB Bank SE places its first public ship covered bond, rated Aa3

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Company Information

Frankfurt am Main (euro adhoc) - DVB Bank SE's debut ship covered bond issue was met with good market demand. The "Schiffspfandbrief" issue, which was offered for subscription on 24 November 2010, was successfully placed by joint lead managers, DZ BANK and Deutsche Bank.

Wolfgang F. Driese, CEO and Chairman of DVB's Board of Managing Directors, commented: "We are pleased to note the broad-based investor interest seen for DVB's new refinancing vehicle. By issuing ship covered bonds we are broadening our investor base, thus strengthening our position as a unique and globally active specialist transport asset lender for maritime shipping, the aviation industry, and for road and rail transport."

The issue amounts to EUR 250 million. The orderbook was closed on 25 November 2010. With 56 individual orders, the book was broadly diversified. 90% of the issue volume was placed in Germany, with the remainder taken by investors in Austria and Luxembourg. Investors solely included banks.

The three-year, 2.25% covered bond was placed at an issue price of 99.702%, equivalent to a spread of 50 basis points over mid-swaps.

The ship covered bond is collateralised by a cover pool of approximately USD 1.0 billion in eligible shipping loans. The pool represents a cross-section of DVB's entire Shipping Finance portfolio, as it comprises the segments of product tankers (with a share in the pool of 21%), bulk carriers (18%), crude oil tankers (18%), container carriers (15%), etc.

DVB's ship covered bond is subject to the strict security standards of the German Pfandbrief Act ("Pfandbriefgesetz"). Moody's Investors Service, the rating agency, assigned an "Aa3" rating to the issued ship covered bond.

Further information about DVB´s first issue of ship covered bonds can be obtained under www.dvbbank.com > Investor Relations > Funding > Covered bond information > press releases.

Note to Editors: DVB Bank SE, headquartered in Frankfurt/Main, Germany, is the leading specialist in the international Transport Finance business. The Bank offers integrated financing solutions and advisory services in respect of Shipping Finance, Aviation Finance, and Land Transport Finance. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo, Piraeus, Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).

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Further inquiry note: Boris Siegers, Head of Group Treasury Phone +49 (69) 9750-4616 Boris.Siegers@dvbbank.com

Elisabeth Winter, Manager Investor Relations Phone +49 (69) 9750-4329 Elisabeth.Winter@dvbbank.com

Branche: Banking
ISIN:      DE0008045501
WKN:        804550
Börsen:  Stuttgart / free trade
              Düsseldorf / free trade
              Frankfurt / regulated dealing/general standard



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