Briefs
EBRD to buy Rheinhyp-BRE's mortgage bonds
The European Bank for Reconstruction and Development
is to buy mortgage bonds totalling EUR 54 mln (EUR 25 mln and USD 25 mln)
from Rheinhyp-BRE Mortgage Bank over a 3-year period. BRE Bank SA will act
as arranger, dealer and depository for each of the bond issues. Noreen Doyle,
First vice-President of EBRD, who signed the deal in Warsaw, said that by
supporting the issuance of mortgage bonds (the proceeds of which are used
by mortgage banks to finance mortgage loans), made more funds available for
long-term, lower cost mortgages. Piotr Cybert, President of Rheinhyp BRE's
management board, said that EBRD's engagement ,underscores the high level
of safety characteristic to such mortgage bonds and should convince other
potential investors to invest in the bonds - a new financial instrument in
Poland." Sven Torsten Kain, Managing Director of Rheinhyp in Warsaw, said;
,We believe that t
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