annual report - Hypo Real Estate Holding AG
annual report - Hypo Real Estate Holding AG
annual report - Hypo Real Estate Holding AG
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Marnin Lebovits:<br />
“The State of Michigan is a very high profile and credit<br />
worthy Borrower in the US market, with whom the Bank<br />
has had a strong and growing relationship. The Bank<br />
views the State as a very important customer to the<br />
DEPFA organization. This large transaction closed during<br />
a very challenging period in the credit markets and highlighted<br />
the Bank’s commitment to the US market and our<br />
dedication to meeting the needs of our customers”.<br />
Client: State of Michigan<br />
Need: Credit support needed quickly for one year public debt offering to finance the State's<br />
US$1.4 billion cash flow<br />
Solution: As the sole provider of credit enhancement for this transaction – which was very important<br />
to the State, DEPFA helped the State close the transaction quickly while lowering its total<br />
borrowing costs in the public market. The transaction helped the State of Michigan, one<br />
of PSO Americas’ largest clients in the United States and represented the single largest<br />
individual credit support transaction completed by the Bank in the US market.<br />
People: DEPFA BANK · Marnin Lebovits, Managing Director · Hiromi Suzuki, Associate
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