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Depfa buys back 4.83 billion covered bonds, sale of assets to follow
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 Depfa ACS Bank repurchased 4 billion of its covered bonds and Depfa Pfandbrief Bank International SA repurchased 826 million of its covered bonds from FMS Wertmanagement AoR.
The Depfa ACS repurchases were as follow, according to a company announcement:
C$297,629,000 of the C$300 million of bonds due March 31, 2025;
C$349.45 million of the C$350 million bonds due Aug. 24, 2035;
CHF 191.94 million of the CHF 192.69 million notes due Oct. 13, 2017;
CHF 140.64 million of the CHF 200 million bonds due Feb. 15, 2019;
CHF 195.64 million of the CHF 200 million bonds due July 31, 2031;
551.3 million of the 1 billion bonds due May 21, 2019;
$934,211,000 of the $962,601,000 bonds due March 16, 2037;
All of the CHF 50 million bonds due Dec. 17, 2024;
All of the 100 million bonds due Dec. 5, 2025; and
All of the $65 million bonds due Dec. 22, 2030.
The Depfa Pfandbrief repurchases were as follows:
CHF 304,995,000 of the CHF 399.96 million bonds due Aug. 31, 2020; and
All of the CHF 50 million bonds due Dec. 17, 2024.
Following the cancellation of the repurchased covered bonds, FMS will immediately purchase about 4.1 billion of public sector assets from Depfa ACS and about 1.1 billion of public sector assets from Depfa Pfandbrief.
Depfa Bank plcs strategy is to continue to wind down its balance sheet and those of its subsidiaries in a manner designed to maintain value, according to the release.
FMS is the parent company of Depfa Bank plc which is the parent of Depfa ACS and Depfa Pfandbrief.
Completion of the repurchases and sale of assets is a further step in the wind down plan of the Depfa Bank plc group which helps reduce the cover pools of both Depfa ACS and Depfa [Pfandbrief], the release states.
Depfa is a financial services company based in Munich.
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