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ING and LBBW place Schuldschein for EUR 1.1 billion

Frankfurt/Stuttgart, 23 October 2015 – In their capacity of joint bookrunners, ING Commercial Banking Germany (ING) and Landesbank Baden-Württemberg (LBBW) have structured and placed on the market a EUR 1.1 billion promissory loan for MANN+HUMMEL Holding GmbH. Co-lead arrangers were BNP Paribas and Deutsche Bank. This is the first Schuldschein issued by the automotive and industrial supplier from Baden-Württemberg. It has thus established a solid financial basis for possible acquisitions, variably-structured thanks to the flexible repayment options. Based on the issue volume, it is the third-largest Schuldschein ever issued. The volume of this transaction is spread over eleven tranches with terms ranging from three to ten years.

Issue over-subscribed several times
Strong demand from 160 German and international investors meant that the Schuldschein was over-subscribed several times. As a result, it was possible to almost triple the originally planned volume of EUR 400 million and set the margins at the lower end of the marketing spread. The Schuldschein was placed primarily with financial institutions in the Germanspeaking area and Europe (without a public rating of the issuer). There was also strong demand from Asian banks. Fifty percent of the loan went to investors from Germany, compared to 36 percent to investors from other European countries and 14 percent outside of Europe (mainly Asia).

Considerable demand from foreign investors
"The fact that a considerable portion was placed with foreign investors again highlights the attractiveness of the German medium-sized market and the Schuldschein product in global financial markets," explains Klaus Pahle, Manager of the Schuldschein Desk at ING. Christoph Zender, who manages the Corporate Capital Markets department at LBBW, adds: "A particularly noteworthy feature of the current issue is that more than half of the loan volume was placed for terms of six years and longer. In times of historically low interests and spreads, there are still a number of attractive investments opportunities, as has been impressively confirmed by the very high demand from investors."


Media Contacts
André Kauselmann, Press Officer, ING Commercial Banking
Tel.: 069 / 27 222 66134

Alexander Braun, Press Officer, Landesbank Baden-Württemberg
Tel.: 0711 / 127 76400


About ING Commercial Banking Germany
ING Commercial Banking Germany, with its registered office in Frankfurt am Main, is a part of the global Commercial Banking Network of the ING Group, with branches in 41 countries. ING Commercial Banking Germany offers banking services for large multinational corporate clients. Besides classic banking products such as corporate lending and transaction services, ING is also a globally leading provider for structured and project financing concepts, which are supplemented by capital market solutions. More than 200 employees of ING Commercial Banking in Frankfurt managed a credit volume exceeding EUR 8 billion at the end of 2014.

About Landesbank Baden-Württemberg 
Landesbank Baden-Württemberg (LBBW) is both a commercial bank and the central bank of the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. Its core activities are the business with corporate customers, in particular small and medium-sized enterprises and the private customer business, as well as savings banks. A further focus is placed on real-estate financing as well as the customer-oriented capital market business with banks, savings banks and institutional investors. LBBW is one of the market leaders in the emission and placement of capital market instruments for years - especially in the segment of bonded loans (Schuldscheindarlehen).