DGAP-News: Deutsche Pfandbriefbank AG / Key word(s): IPO
Deutsche Pfandbriefbank AG: pbb Deutsche Pfandbriefbank launches
flotation
07.07.2015 / 18:27
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THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION IN
OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA.
pbb Deutsche Pfandbriefbank launches flotation
- Price range for pbb shares set to EUR 10.75 - EUR 12.75 per share
- Offer period expected to run from 8 July to 15 July 2015
- Intention to pay pro-rata dividend for 2015
- pbb redeems EUR 1 billion silent participation
Munich, 7 July 2015 - Investors will be offered shares in Deutsche
Pfandbriefbank AG (pbb), a leading European specialist bank for commercial
real estate finance and public investment finance, at a price between EUR
10.75 and EUR 12.75 per share, during a period starting on 8 July 2015 and
expected to last until 15 July 2015. Hypo Real Estate Holding AG (HRE),
pbb's owner, set the price range together with the syndicate banks and the
Federal Agency for Financial Market Stabilisation (FMSA). The shares will
be offered for subscription by way of public offers in Germany and
Luxembourg and through private placements in other jurisdictions (including
the USA, in accordance with Rule 144A of the US Securities Act of 1933).
The issue price will be determined based on a bookbuilding process.
The offer will comprise a maximum of 100,990,956 (75.1% of the share
capital) ordinary bearer shares with no-par value (Stückaktien) plus a
Greenshoe option of 6,589,289 shares (4.9% of the share capital) to cover a
potential over-allotment. The Federal Republic of Germany will continue to
maintain an indirect shareholding - via the German Financial Markets
Stabilisation Fund (Finanzstabilisierunsfonds) and HRE - amounting to a
minimum of 20.0%, but not exceeding 24.9%, for a two-year period.
The securities prospectus for the offer was approved by the German Federal
Financial Supervisory Authority (BaFin) on 7 July 2015, and is available on
pbb's website: www.pfandbriefbank.com.
pbb shares (trading symbol PBB / ISIN DE0008019001) are expected to
commence trading on 16 July 2015 in the Prime Standard segment of the
Regulated Market of the Frankfurt Stock Exchange. Going forward, pbb
intends to distribute 40 to 50 per cent of consolidated net income in
accordance with IFRS. Accordingly, the Bank already envisages a pro-rata
dividend for the financial year 2015. Dividends will be subject to a
corresponding net retained profit (Bilanzgewinn) in accordance with the
German Commercial Code (Handelsgesetzbuch), as well as to certain
regulatory requirements.
Silent participation redeemed - pbb's capitalization very good
pbb has fully redeemed Finanzmarktstabilisierungsfonds EUR 1 billion
silent participation as planned. The bank thus repaid a large part of the
financial support received by the Federal Republic of Germany back in 2009.
pbb's capitalization is very good even without the silent participation.
Under fully phased-in Basel III rules - and thus without the silent
participation - the CET1 ratio was 14.8% as of 31 March 2015.
Well positioned on the credit- and capital markets
pbb believes it is well-positioned on the credit and capital markets. The
bank has achieved a high degree of market penetration in its European core
markets; it services its clients locally as well as with cross-border
transactions, and provides demanding financing solutions. Moreover, as the
largest Pfandbrief issuer in Germany, pbb is also a key player on European
covered bond markets. The bank applies strict risk management standards,
refinances its business largely on a matched-maturity basis - from various
funding sources - and is very well-capitalised. The bank is determined to
adhere to this conservative approach, and to enhance profitability through
attractive new business. pbb believes that Investors will be able to
capitalise on this sustainable business model, in a growing market, and
benefit from an attractive risk/return profile.
Citigroup Global Markets Limited and Deutsche Bank AG have been mandated as
Joint Global Coordinators and Joint Bookrunners for pbb's flotation. J.P.
Morgan Securities plc, Commerzbank AG and Joh. Berenberg, Gossler & Co. KG
will act as additional Joint Bookrunners.
Facts and figures for pbb's planned flotation
<pre>
Pricing range EUR 10.75 to EUR 12.75 per share
Offer period 8 July - 15 July 2015
Initial listing 16 July 2015
Exchange Frankfurt, Regulated Market (Prime Standard)
Mnemonic PBB
ISIN DE0008019001
Number of ordinary shares 134,475,308
</pre>
Media contacts:
Walter Allwicher, +49 89 2880-28787, walter.allwicher@pfandbriefbank.com
Oliver Gruss, +49 89 2880-28781, oliver.gruss@pfandbriefbank.com
Disclaimer
This announcement and the information contained herein are for information
purposes only and do not constitute a prospectus or an offer to sell or a
solicitation of an offer to buy or subscribe for any securities in the
United States, Australia, Canada, Japan or in any jurisdiction to whom or
in which such offer or solicitation is unlawful. Any securities referred to
herein have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act"), or the laws of any state of
the United States, and may not be offered, sold or otherwise transferred in
the United States absent registration or pursuant to an available exemption
from registration under the Securities Act. Neither Deutsche Pfandbriefbank
AG nor its shareholder intends to register any securities referred to
herein in the United States.
This announcement does not constitute an offer to sell or a solicitation of
an offer to buy or subscribe for any securities. Any offer will be made
exclusively through and on the basis of a securities prospectus. This
prospectus is available, free of charge, from Deutsche Pfandbriefbank AG,
Freisinger StraÃe 5, 85716 UnterschleiÃheim, Germany, as well as on pbb's
website: http://www.pfandbriefbank.com/investor-relations.html.
No money, securities, or other consideration is being solicited, and, if
sent in response to the information contained herein, will not be accepted.
This press release contains forward-looking statements. These statements
are based on the current views, expectations, assumptions and information
of the management of Deutsche Pfandbriefbank AG. Forward-looking statements
shall not be construed as a promise for the materialization of future
results and developments and involve known and unknown risks and
uncertainties. Actual future results or performance of Deutsche
Pfandbriefbank AG or events relating to Deutsche Pfandbriefbank AG may
differ materially from those described in such statements due to, among
other things, changes in the general economic and competitive environment,
risks associated with capital markets, currency exchange rate fluctuations,
changes in international and national laws and regulations, in particular
with respect to tax laws and regulations, affecting Deutsche Pfandbriefbank
AG, and other factors. Deutsche Pfandbriefbank AG does not assume any
obligations to update any forward-looking statements.
Contact:
Walter Allwicher +49 (0) 89 2880 28 787
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07.07.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language: English
Company: Deutsche Pfandbriefbank AG
Freisinger Strasse 5
85716 Unterschleissheim
Germany
Phone: +49 (0) 89 2880 28 201
Fax: +49 (0) 89 2880 22 28 201
E-mail: info@pfandbriefbank.com
Internet: http://www.pfandbriefbank.com
ISIN: DE0008053331, Eine vollständige Ãbersicht der
Eigenemissionen der Deutsche, Pfandbriefbank AG (ISIN,
Börse, Segment) finden Sie unter,
http://www.pfandbriefbank.com/investor-relations/pflichtve
roeffentlichungen/ad-hoc-mitteilungen.html
WKN: 805333, Eine vollständige Ãbersicht der Eigenemissionen
der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment)
finden Sie unter,
http://www.pfandbriefbank.com/investor-relations/pflichtve
roeffentlichungen/ad-hoc-mitteilungen.html
Listed: Regulated Market in Frankfurt , Munich, Stuttgart;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover; London, Mailand, Paris, Luxemburg, SIX
End of News DGAP News-Service
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376081 07.07.2015
DGAP-News: Deutsche Pfandbriefbank AG: pbb Deutsche Pfandbriefbank launches flotation
| Source: EQS Group AG