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Covered bonds Back  
A bond which has other financial instruments, such as mortgage loans, pledged as security against default.
Depfa ACS Bank
Date launched: 24/02/03
Date closed: 26/02/03
Volume: €4 billion, €3.5 billion, $1.25 billion of stand alone issues)
Maturity: 15/04/08
Coupon: 3.25%
Covered Asset Monitor: AIB International Financial Services
Arranger: Credit Suisse First Boston, Deutsche Bank, Morgan Stanley
Legal Adviser: McCann FitzGerald
Description: Depfa launched its €3 billion five-year landmark at the end of February. Strong demand for the Irish debut and a E5 billion book enabled Depfa to increase the size to €4 billion at a reoffer of 4bp over swaps. Depfa had two further stand alone transactions during the year of €3.5 billion and US $1.25 billion. These transactions are among the most significant capital markets transactions ever completed in the Irish market.

Date closed: 15/10/03
Volume: €2 billion
Maturity: 2008
Coupon: 3.5%
Covered Asset Monitor: Custom House Capital
Arranger: West LB AG, Citigroup, Merrill Lynch, ABN AMRO
Co-leads: AIB Capital Markets, Barclays Capital, HSBC, CCF, HVB and UBM-UniCredit Banca Mobiliare
Legal Adviser: McCann FitzGerald
Description: West LB’s inaugural covered bond issue. It was successfully placed with subscription 1.3 times supply. It was widely distributed all over Europe with good participation form Irish investors. The majority of the issue was placed outside Germany. It is listed on the Irish and Frankfurt stock exchanges. The first Irish covered bond issued by WestLB Covered Bond Bank is also the first co-led by an Irish bank.

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