Enquired- Helaba Dual-Tranche 2030/2035

The issues were very successful in a highly competitive market environment with a large number of issues across all asset classes. In the covered bond segment in particular, the issue date saw one of the highest daily issuance volumes in recent years. Both issues attracted very granular investor interest from bank treasuries, official institutions such as central banks, and other real money investors. The order book was broadly diversified across different jurisdictions, and both issues were priced at very attractive spreads. The strong demand for the two tranches subsequently led to good performance for both issues in the secondary market.

We have successfully issued dual tranches several times in the past. This format is always suitable in strong market phases when investor demand is evenly distributed across all maturities. This allows us to generate benchmark volumes cost-effectively in a combination of different maturities and thus manage internal liquidity aspects in ALM very well across different maturities. In addition, this approach allows us to ensure a good degree of transparency in our own market presence and to somewhat spread out our issuance plans for the rest of the year.

Yes, that’s right, we were last active in the Pfandbrief segment before this issue in September 2025 with a large-volume Public Pfandbrief. In general, our refinancing requirements are primarily determined by plans for new business, and as a universal bank, we naturally have higher refinancing requirements in the unsecured segment compared to Pfandbrief refinancing. For this year, we have earmarked a volume of €4 billion in Pfandbrief format as part of our medium to long-term refinancing planning.  The dual tranche has therefore already enabled us to cover a good portion of our Pfandbrief funding requirements.