Germany's Deutsche Genossenschafts Hypothekenbank (DG Bank) came to market recently with an EURO1 billion ($830 million) mortgage-backed deal. The transaction, called Bauhaus Securities Limited, securitizes over 53,000 loans from DG bank's own portfolio, and the notes are secured by public sector Pfandbriefe issued by the bank. DG arranged the deal and also acted as lead manager.
The mortgages are spread throughout Germany, with no particular concentration in any one area. The total balance of the loans is just over EURO1 billion, with a 60% loan-to-market-value and an average seasoning of 47 months.