FINANCE: Germany’s Deutsche Annington has issued a €1bn (£790m) perpetual hybrid bond with a coupon of 4%.
The notes have a BBB- rating and a first call date of 2021.
The offer was “significantly oversubscribed” according to a company statement.
Earlier this month Deutsche Annington agreed to buy rival property company Gagfah in a €3.9bn deal that will create a €9bn company.
“This very successful placement reflects Deutsche Annington’s strong credit quality and our existing strong access to international capital markets. It also clearly underlines that investors view our planned combination with Gagfah as positively as we do,” said Dr A Stefan Kirsten, the company’s chief financial officer.
JP Morgan acted as sole bookrunner.
