annual report - Hypo Real Estate Holding AG

Julia Hoggett, Global Head of Capital Markets, Dublin
“The Capital Markets team had a successful
year in 2007, generating the lowest cost of
long-term funding for the Bank in recent his -
tory notwithstanding the more challenging
market environment. The highlights of the year
included the first ever 30yr US$ Covered Bond
and the largest ACS US$ benchmark ever issued.
The 30 year issue in particular reflected
the continued globalisation of DEPFA's investor
base with 88% being sold into the United
States.”
Brian Farrell, Global Head of Money Markets, Dublin
“Throughout 2007 DEPFA Global Money Market
funding platforms performed robustly, despite
sustained dislocation in the funding markets in
the second half of the year. All of our Money
Market funding platforms continued to operate
during this period of market turbulence, sourcing
liquidity in 2007 in significant amounts. Our
cost of funding improved as we were a direct
beneficiary of the significant repricing of the
sovereign and sub-sovereign repo market,
which enabled us to improve our overall funding
spread for 2007.”
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