WestLB Covered Bond Bank, the Irish-based subsidiary of German bank, WestLB AG, yesterday said it planned to issue €30 billion in asset-backed bonds over the next five years from its International Financial Services Centre (IFSC) base in Dublin.
WestLB said that Irish and European investors had "given solid support" to its inaugural €2 billion five-year asset-backed bond issue, which it launched last month.
The bond attracted over €2.5 billion in demand from 112 investors in 120 countries.
The coupons pay 3.5 per cent a-year on maturity, and are rated triple A by both Moody's and Standard & Poors. Commenting on investor reaction, managing director, Mr Peter Van Dessel, said WestLB intended to grow its balance sheet over the next two years. "with an ultimate target of €30 billion by the end of 2005".
WestLB intends to increase its workforce to around 30 over the next year.
The bank's current staff numbers are in the mid-teens, it said yesterday.
