By Laura Contemori – ROME (Econostream) – German bank Deutsche Pfandbriefbank AG on Wednesday priced €500 million of three-year green senior preferred notes.

The notes are MREL eligible and mature on July 6, 2029. They carry a fixed annual coupon of 4.250%.

The reoffer spread was set at 155bp over mid-swaps, with a reoffer price of 99.956 and a yield of 4.266%.

The notes were priced at 171.8bp over the 2.10% German federal note due April 12, 2029.

Deutsche Pfandbriefbank is rated BBB- with a negative outlook by S&P. The issue is expected to be rated BBB- by S&P.

An amount equivalent to the net proceeds is intended to be allocated, in whole or in part, to eligible green loans originated by Deutsche Pfandbriefbank in relation to the financing or refinancing of buildings meeting the eligibility criteria set out in the issuer’s Green Bond Framework.

Settlement is scheduled for July 8, 2026.

The notes will be listed on the regulated market of the Munich Stock Exchange and are governed by German law.

ABN AMRO, Barclays, Danske Bank, Erste Group and Jefferies acted as joint lead managers.

The time of execution was 13:50 CET (12:50 UK time).