State Budgets

Management using derivatives and the placing of borrower’s notes complete our offering. We employ modern and innovative interest rate instruments and portfolio techniques to reduce interest expenses for the public sector.

Bonds

The Public Accounts/Interest Rate Derivativessales team assists the German federal states, especially the State of Hesse and the State of Thuringia, in new issues and bond top-ups in the primary market with market expertise, know-how and a good feel for what is feasible. We keep the states in touch with the market environment through the combined origination and syndicate function and support them in all important decisions on terms and conditions, pricing and the documentation of euro and foreign currency issues.

Medium-term notes and commercial paper

We arrange or participate in medium-term notes (especially in the form of private offerings) and commercial paper, which are placed predominantly with institutional investors in the eurozone and in Switzerland, as part of the states’ debt issuance programmes. The great range of options available for configuring these debt instruments facilitates the generation of tailored solutions and respectable yields.

State loans against borrower’s note

We negotiate state loans against borrower’s note and structured loans against borrower’s note in accordance with the individual needs of our clients in our role as interface between our institutional investors and the German federal states.

Interest rate derivatives

Managing interest to reduce costs

We actively ease the burden of interest on the public accounts using innovative interest rate instruments, making strategic use of derivatives in connection with the loan agreements or the cash flows of the credit portfolio. Constant analysis and evaluation of developments in the money and capital markets is essential for accurate decision-making on interest management using interest rate derivatives, and this is one more field in which we would be more than happy to assist you.