Deutsche Pfandbriefbank AG / Key word(s): Miscellaneous
The trustee appointed expert for the securitization transaction Estate UK-3 (UK-3), which hedges the credit risk exposure of a real estate loan portfolio via credit linked notes, today informed on its findings. It found the allocation of the full amount of a credit loss of GBP 113.8 million permissible. The loss allocation leads to a corresponding reduction of the repayments under the credit linked notes. The expert thereby fully affirmed the position of Deutsche Pfandbriefbank AG (pbb), the issuer of UK-3.
pbb will allocate the loss to the credit linked notes at the earliest possible date, which is 20 September 2019. The loss allocation will lead to a full write-down of the credit linked notes of classes A2, B, C, D and E and will reduce the nominal amount of class A1+ from GBP 400,000 by about 0.1 %. With the loss being allocated to the credit linked notes, there will be no negative impact on pbb's results. A predecessor institution of pbb had entered into UK-3 to hedge the credit risk exposure of a real estate loan portfolio via credit linked notes in 2007. The real estate loan portfolio subsequently suffered a loan default. pbb envisaged allocating a loss of GBP 113.8 million resulting from the default to the credit linked notes. Deloitte GmbH Wirtschaftsprüfungsgesellschaft, the trustee of UK-3, expressed doubts with respect to the permissibility of the loss allocation (please refer to pbb's ad-hoc announcements dated 18 January 2016 and 13 December 2016). In June 2017, the trustee therefore appointed an independent expert to determine, whether the conditions for a loss allocation were met. Contact: Walter Allwicher Managing Director, Communications +49 (0) 89 2880 28 787
28-Jun-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Deutsche Pfandbriefbank AG |
Freisinger Strasse 5 | |
85716 Unterschleissheim | |
Germany | |
Phone: | +49 (0) 89 2880 28 201 |
Fax: | +49 (0) 89 2880 22 28 201 |
E-mail: | info@pfandbriefbank.com |
Internet: | http://www.pfandbriefbank.com |
ISIN: | DE0008019001, Die internationalen Wertpapierkennnummern (ISIN) weiterer von der Deutsche Pfandbriefbank AG ausgegebener Finanzinstrumente sind abrufbar auf der Website der Deutsche Pfandbriefbank AG unter https://www.pfandbriefbank.com/investoren/pflichtveroeffentlichungen/ad-hoc-mitteilungen/liste-weiterer-finanzinstrumente.html. The International Securities Identification Numbers (ISINs) of further, financial instruments issued by Deutsche Pfandbriefbank AG are available on Deutsche Pfandbriefbank's Investor Relations website under https://www.pfandbriefbank.com/en/investors/mandatory-publications/ad-hoc-announcements/list-of-further-financial-instruments.html |
WKN: | 801900 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard), Munich, Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover; London, Dublin, Mailand, Paris, Luxembourg Stock Exchange, SIX |
EQS News ID: | 833079 |
End of Announcement | DGAP News Service |