Funding

Helaba intends to refinance around 13bn Euro through the international capital markets this year. Our issuing activities are aimed at:

Maturity matched new business

For Helaba, the maturity matched refinancing of new business continues to be of high priority. The qualified management of structural liquidity gains through the outstanding regulatory changes, even more in significance. The rating agencies also attach more importance to this issue.

Positioning with investors – domestic basis, selective expansion internationally

The Helaba Group has a broad and stable base of both institutional and retail investors in the domestic market. The soundness of this investor base is being increasingly recognized by foreign investors, enabling Helaba to further diversify its refinancing activities abroad.

Debt issuance programmes – developing products and structuring capabilities

Helaba aims at securing a continuously available, effective and cost-efficient refinancing. Therefore, Helaba is focused upon further developing its product range and structuring capabilities. As funding instruments, unsecured bearer bonds, promissory notes and public sector and mortgage backed covered bonds in both bearer and registered format, are issued domestically and as MTNs.

Martin Gipp
Head of Funding

 Covered Bonds

Helaba funds itself in the medium and long term essentially through the issuance of Pfandbriefe.

Bearer Format

Pfandbriefe in bearer format are bonds covered by public sector or mortgage assets (see below under security). Helaba issues plain vanilla und structured Pfandbriefe in bearer format though the basis prospectus as well as through the EMTN Programme (see Debt Issuance Programmes).

Registered Format

Registered Pfandbriefe (“Namenspfandbriefe”) are made out to the name of the investor and transferred through reassignment. With registered Pfandbriefe Helaba offers tailor made solutions to customer enquiries, especially for structured products.

Security

Pfandbriefe are public sector and mortgage covered securities for which municipal and mortgage loans respectively serve as collateral. The management of Helaba’s collateral registers is consistent with the guidelines as laid down in the Pfandbrief Act (“Pfandbriefgesetzes – PfandBG”) from 19 July 2005. Pfandbriefe issued under previous legislation governing Pfandbriefe and related securities of public sector credit institutions ("Gesetz über die Pfandbriefe und verwandten Schuldverschreibungen öffentlich-rechtlicher Kreditanstalten - ÖPG") have been adapted to the more stringent requirements of the Pfandbrief Act, e.g. collateral register trusteeship. Additionally, Pfandbriefe issued before 19 July 2005 are covered in their entirety by the guarantor obligation (“Gewährträgerhaftung“).

Pfandbrief Rating – Recognition of exceptional credit-worthiness

The high standards of security are mirrored in the specifically accredited Pfandbrief ratings, which are awarded complement to Helaba’s own ratings.

Special Features

All of Helaba’s Pfandbriefe qualify as “gilt-edged securities” as defined in § 1807 of the German Civil Code (“mündelsicher gemäß § 1807 BGB”) and also qualify as “collateral” pursuant to § 54 of the German insurance supervisory law (“gemäß § 54 Abs. 3 VAG i.V.m. § 2 Abs. 1 Nr. 6 der AnlV”).

In addition, Helaba Pfandbriefe are normally listed on the Frankfurt Stock Exchange and as such qualify as Category 3 Eligible Assets for the European Central Bank.

Cover Register­ Re­port 

Voluntary Commit­ment

 Structured Products

Products are made available in various forms and structures to suit individual investor requirements:

  • Fixed or Floating Rate Notes (FRNs)
  • Reverse FRNs
  • Leveraged FRNs
  • Fixed-to-floating rate bonds (fixed to variable interest)
  • Single and multi callable or puttable bonds (with and without interest rate step-up)
  • Autocallable
  • Zero coupons (single, multi callable)
  • CMS/CMS spread
  • TARNs
  • Range Accrual (interest rate or interest spread basis)
  • Digital/Flip-Flop (interest rate or interest spread basis)
  • Inflation-linked
  • Equity-linked convertible bonds (reverse convertibles)
  • Equity and index-linked participations

If requested, suitable structures can be augmented with imbedded options such as: caps, floors, collars, calls, puts, switch, etc.

Nadia Landmann
Debt Investor Relations

Debt Issuance Programmes

Halaba has various debt issuance programmes securing adequate access to the national and international funding markets. In general investors will use thereby our basis prospectus (replacement of the former frequent issuer status “Daueremittentenstatus”). International enquiries are normally served through the € 35 bn Euro Debt Issuance Programme (EMTN Programme).

EMTN and ECP Programmes

The programme is updated annually in accordance with the requirements of the EU Prospectus rules. The Luxembourg-listed programme facilitates the issuance of senior and subordinated, unsecured bonds, public sector and mortgage Pfandbriefe and a selection of interest-rate-related structured products.

ECPs and CDs are issued through Helaba’s money market trading operations in Frankfurt and London using the € 10 bn ECP/ECD Programme. Furthermore Helaba issues CDs through a French € 6 bn „NEU CD” Programme.

In addition to the short term funding programmes in Europe our New York branch has a $ 5 bn USCP Programme available.

Furthermore, the branch offices in London and New York issue domestic CDs in line with the provisions of the respective regulatory authorities.

Download

To be able to continuously improve our website, we use cookies. If you continue your visit, you agree to the use of cookies. For more information, see  Data protection