Three new issuers explain their MTN success

Pfandbriefstelle der österreichischen Landes-Hypothekenbanken (Pfandbriefstelle) is another issuer that values its rating. The triple-A borrower is the result of an innovative collection of eight Austrian Landes-Hypothekenbanken, and it has focused on the yen market since signing its euro 7.5 billion debt issuance programme in December 2000. Hannes Leitgeb, the treasurer of Vorarlberger Landes- und Hypothekenbank, one of the named issuers, is also in charge of Pfandbriefstelle´s funding. He and his team, which has recently been restructured to allow four people to concentrate on the MTN funding have worked hard to make the Austrian region, and this distinctive programme, a credible investment. Leitgeb says: "We are very pleased to see the hard work paying off. The positive response from dealers and investors is showing us that our way of approaching the capital markets is the right one".

Pfandbriefstelle has issued 42 notes and now has US-$ 268 outstanding. It launched with a euro 600 million inaugural trade, and quickly followed with a Y125 billion (US?$ 950.64 million) 10-year deal that became the market´s benchmark.