DePfa eyes the broader horizon
| Leading German issuers of international bonds 1998 |
|||
| Issuer | US$m | No. issues* | |
| 1 | Hypothekenbank in Essen | 9,477 | 18 |
| 2 | DePfa | 8,388 | 33 |
| 3 | KfW | 5,792 | 7 |
| 4 | Deutsche Hypothekenbank Frankfurt | 5,326 | 8 |
| 5 | Rheinische Hypothekenbank | 4,776 | 19 |
| 6 | Allgemeine Hypothekenbank | 4,107 | 9 |
| 7 | Deutsche Siedlungs- und Landesrentenbank | 3,975 | 17 |
| 8 | Bayerische Landesbank Girozentrale | 3,709 | 13 |
| 9 | Commerzbank | 3,122 | 19 |
| 10 | Deutsche Ausgleichsbank | 3,097 | 6 |
| 11 | Dexia Hypothekenbank Berlin | 3,044 | 8 |
| 12 | Frankfurter Hypothekenbank Centralboden | 2,839 | 9 |
| 13 | Landesbank Rheinland-Pfalz Girozentrale | 2,737 | 12 |
| 14 | Westfälische Hypothekenbank | 2,511 | 7 |
| 15 | Landwirtschaftliche Rentenbank | 2,105 | 12 |
| 16 | Sudwestdeutsche Landesbank Girozentrale | 2,094 | 19 |
| 17 | Hypobank | 2,045 | 19 |
| 18 | L-Bank | 1,936 | 12 |
| 19 | Bayerische Vereinsbank | 1,730 | 16 |
| 20 | Münchener Hypothekenbank | 1,412 | 4 |
| Source: Capital Data Bondware | |||
As the imminent introduction of the euro drives the convergence of government bond yields, institutional investors are switching their attention to credit in order to achieve index outperformance and are looking to non-government issuers to develop higher yielding, liquid alternatives to government bonds.