EANS-News: DVB Bank SE places its first public ship covered bond, rated Aa3

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Company Information

Frankfurt am Main (euro adhoc) - DVB Bank SE's debut ship covered
bond issue was met with good market demand. The "Schiffspfandbrief"
issue, which was offered for subscription on 24 November 2010, was
successfully placed by joint lead managers, DZ BANK and Deutsche
Bank.

Wolfgang F. Driese, CEO and Chairman of DVB's Board of Managing
Directors, commented: "We are pleased to note the broad-based
investor interest seen for DVB's new refinancing vehicle. By issuing
ship covered bonds we are broadening our investor base, thus
strengthening our position as a unique and globally active specialist
transport asset lender for maritime shipping, the aviation industry,
and for road and rail transport."

The issue amounts to EUR 250 million. The orderbook was closed on 25
November 2010. With 56 individual orders, the book was broadly
diversified. 90% of the issue volume was placed in Germany, with the
remainder taken by investors in Austria and Luxembourg. Investors
solely included banks.

The three-year, 2.25% covered bond was placed at an issue price of
99.702%, equivalent to a spread of 50 basis points over mid-swaps.

The ship covered bond is collateralised by a cover pool of
approximately USD 1.0 billion in eligible shipping loans. The pool
represents a cross-section of DVB's entire Shipping Finance
portfolio, as it comprises the segments of product tankers (with a
share in the pool of 21%), bulk carriers (18%), crude oil tankers
(18%), container carriers (15%), etc.

DVB's ship covered bond is subject to the strict security standards
of the German Pfandbrief Act ("Pfandbriefgesetz"). Moody's Investors
Service, the rating agency, assigned an "Aa3" rating to the issued
ship covered bond.

Further information about DVB´s first issue of ship covered bonds can
be obtained under www.dvbbank.com > Investor Relations > Funding >
Covered bond information > press releases.

Note to Editors: DVB Bank SE, headquartered in Frankfurt/Main,
Germany, is the leading specialist in the international Transport
Finance business. The Bank offers integrated financing solutions and
advisory services in respect of Shipping Finance, Aviation Finance,
and Land Transport Finance. The Bank operates out of offices in
Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo,
Piraeus, Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE
is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).

end of announcement euro adhoc
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ots Originaltext: DVB Bank SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Boris Siegers, Head of Group Treasury

Phone +49 (69) 9750-4616

Boris.Siegers@dvbbank.com

Elisabeth Winter, Manager Investor Relations

Phone +49 (69) 9750-4329

Elisabeth.Winter@dvbbank.com

Branche: Banking
ISIN: DE0008045501
WKN: 804550
Börsen: Stuttgart / free trade
Düsseldorf / free trade
Frankfurt / regulated dealing/general standard