Obligation Münchner Hypothekenanstalt 5.75% ( CH1184694771 ) en CHF

Société émettrice Münchner Hypothekenanstalt
Prix sur le marché refresh price now   100.11 %  ▲ 
Pays  Allemagne
Code ISIN  CH1184694771 ( en CHF )
Coupon 5.75% par an ( paiement annuel )
Echéance Perpétuelle



Prospectus brochure de l'obligation Muenchener Hypothekenbank CH1184694771 en CHF 5.75%, échéance Perpétuelle


Montant Minimal /
Montant de l'émission /
Prochain Coupon 02/06/2026 ( Dans 114 jours )
Description détaillée La Münchener Hypothekenbank eG est une banque coopérative allemande spécialisée dans le financement immobilier, offrant des prêts hypothécaires, des services de construction et des produits d'épargne aux particuliers et aux entreprises.

L'Obligation émise par Münchner Hypothekenanstalt ( Allemagne ) , en CHF, avec le code ISIN CH1184694771, paye un coupon de 5.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le Perpétuelle








Münchener Hypothekenbank eG
Munich, Federal Republic of Germany
CHF 75,000,000 Undated Non-Cumulative Fixed to Reset Rate
Additional Tier 1 Notes of 2022
Münchener Hypothekenbank eG, Munich, Federal Republic of Germany ("MünchenerHyp", the
"Bank" or the "Issuer") wil issue on 2 June 2022 (the "Issue Date") CHF 75,000,000 undated non-
cumulative fixed to reset rate additional tier 1 notes (the "Capital Notes") in bearer form with a
denomination of CHF 50,000 each and at an issue price of 100 per cent. of their principal amount (the
"Issue Price"). The Capital Notes wil be governed by the laws of the Federal Republic of Germany.
The Capital Notes wil bear interest on their aggregate principal amount at the applicable Rate
of Interest (as defined in the terms and conditions of the Capital Notes set out in the section "TERMS
AND CONDITIONS OF THE CAPITAL NOTES" beginning on page 42 of this Prospectus (the "Terms
and Conditions")) from (but excluding) 2 June 2022 (the "Interest Commencement Date") to (and
including) the day on which the Capital Notes are due for redemption. The applicable Rate of Interest for
the period from (but excluding) the Interest Commencement Date to (and including) 2 December 2027
(the "First Reset Date")) wil be a fixed rate of 5.750 per cent. per annum; thereafter, the applicable Rate
of Interest wil be reset at five year intervals on the basis of the then prevailing five year CHF mid-market
swap rate (as further specified in the Terms and Conditions) plus a margin of 4.945 per cent. per annum.
Interest is payable annual y in arrear on 2 June of each year (each an "Interest Payment Date"),
commencing on 2 June 2023. Payments of interest (each an "Interest Payment") are subject to
cancel ation, in whole or in part, and, if cancel ed, are non-cumulative and Interest Payments in fol owing
years wil not increase to compensate for any shortfal in Interest Payments in any previous year.
The Capital Notes do not have a maturity date. The Capital Notes are redeemable by the Issuer
at its discretion on any business day fal ing in the period from (and including) 2 June 2027 (the first date
on which the Capital Notes may be redeemed at the option of the Issuer other than for tax or regulatory
reasons and hereinafter referred to as the "First Redemption Date") to (and including) the First Reset
Date and on each Interest Payment Date thereafter or in other limited circumstances and, in each case,
subject to limitations and conditions as described in the Terms and Conditions. The principal amount of
the Capital Notes may be reduced upon the occurrence of a Trigger Event (as defined and further
described in the Terms and Conditions).
Investing in the Capital Notes involves certain risks. Please review the section RISK
FACTORS beginning on page 9 of this Prospectus.
Application has been made to list the Capital Notes on the Official List of the Luxembourg Stock
Exchange and to admit the Capital Notes to trading on the professional segment of the regulated market
"Bourse de Luxembourg" of the Luxembourg Stock Exchange, which is a regulated market for the
purposes of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on
markets in financial instruments, as amended ("MiFID II"). Further, application will be made for
admission to trading and listing of the Capital Notes on SIX Swiss Exchange Ltd.
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 6 (3)
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as
amended ("Prospectus Regulation"). This Prospectus wil be published in electronic form together with
al documents incorporated by reference on the website of the Luxembourg Stock Exchange
(www.bourse.lu).
This Prospectus has been approved by the Commission de Surveil ance du Secteur Financier,
Luxembourg ("CSSF") in its capacity as competent authority under the Prospectus Regulation. The


CSSF only approves this Prospectus as meeting the standards of completeness, comprehensibility and
consistency imposed by the Prospectus Regulation. Such approval should neither be considered as an
endorsement of the Issuer that is subject of this Prospectus nor of the quality of the securities that are
the subject of this Prospectus. By approving this Prospectus, the CSSF gives no undertaking as to the
economic and financial soundness of the transaction or the quality or solvency of the Issuer in line with
the provisions of Article 6 (4) of the Luxembourg law on prospectuses for securities. Investors should
make their own assessment as to the suitability of investing in the Capital Notes.
This Prospectus wil be valid until 31 May 2023 and may in this period be used for admission of
the Capital Notes to trading on a regulated market. In case of a significant new factor, material mistake
or material inaccuracy relating to the information included in this Prospectus which may affect the
assessment of the Capital Notes, the Issuer wil prepare and publish a supplement to the Prospectus
without undue delay in accordance with Article 23 of the Prospectus Regulation. The obligation of the
Issuer to supplement this Prospectus wil cease to apply once the Capital Notes have been admitted to
trading on the regulated market of the Luxembourg Stock Exchange and at the latest upon expiry of the
validity period of this Prospectus.
THE CAPITAL NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND MAY BE OFFERED
AND SOLD ONLY OUTSIDE THE UNITED STATES OF AMERICA TO NON-U.S. PERSONS IN
OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT.
The Capital Notes have been assigned the fol owing securities codes: ISIN CH1184694771,
Common Code 248555173, WKN MHB65X and Swiss Security Number 118469477.
Joint Lead Manager and
Joint Lead Manager and
Joint Lead Manager
Structuring Advisor
Structuring Advisor
Credit Suisse
DZ BANK AG
UBS Investment Bank


Co-Manager

Zürcher Kantonalbank

The date of this Prospectus is 31 May 2022.
ii



RESPONSIBILITY STATEMENT
MünchenerHyp with its registered office in Munich, Federal Republic of Germany, is solely
responsible for the information given in this Prospectus. The Issuer hereby declares that, having taken
and taking all reasonable care to ensure that such is the case, the information contained in this
Prospectus is, to the best of its knowledge, in accordance with the facts and contains and will contain
no omission likely to affect its import.
IMPORTANT NOTICE
Restrictions on marketing and sales to retail investors
The Capital Notes issued pursuant to this Prospectus are complex financial instruments and
are not a suitable or appropriate investment for all investors. In some jurisdictions, regulatory
authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of
securities such as the Capital Notes to retail investors.
In particular, in June 2015, the U.K. Financial Conduct Authority (the "FCA") published the
Product Intervention ("Contingent Convertible Instruments and Mutual Society Shares")
Instrument 2015 (the "PI Instrument"). In addition, (i) on 1 January 2018, the provisions of Regulation
(EU) No. 1286/2014 on key information documents for packaged retail and insurance-based
investment products, as amended ("PRIIPs Regulation") became directly applicable in all EEA
member states and (ii) MiFID II was required to be implemented in EEA member states by 3 January
2018. Together the PI Instrument, the FCA Handbook Conduct of Business Sourcebook ("COBS"),
MiFID II, the PRIIPs Regulation, Regulation (EU) No 600/2014 as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("UK MiFIR"), Regulation (EU) No 2017/565 as it
forms part of the domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 ("UK
Delegated Regulation"), and Regulation (EU) No 1286/2014 as it forms part of UK law by virtue of
the European Union (Withdrawal) Act 2018 (the "UK PRIIPs Regulation") are referred to as the
"Regulations".
The Regulations set out various obligations in relation to (i) the manufacture and distribution
of financial instruments and the (ii) offering, sale and distribution of packaged retail and insurance-
based investment products and certain contingent write-down or convertible securities such as the
Capital Notes.
Potential investors in the Capital Notes should inform themselves of, and comply with, any
applicable laws, regulations or regulatory guidance with respect to any resale of the Capital Notes (or
any beneficial interests therein) including the Regulations.
The Managers (as defined in the section "SUBSCRIPTION AND SALE" of this Prospectus)
are required to comply with some or all of the Regulations. By purchasing, or making or accepting an
offer to purchase any Capital Notes (or a beneficial interest in the Capital Notes) from the Issuer and/or
the Managers each prospective investor (other than investors in Switzerland, to whom the Capital
Notes may be offered under a separate Swiss prospectus which, however, will not be a prospectus
within the meaning of the Prospectus Regulation and which will not be approved by the CSSF)
represents, warrants, agrees with and undertakes to the Issuer and each of the Managers that:
1.
(A)
it is not a retail client (as defined in MiFID II, UK Delegated Regulation or
COBS); and

(B)
it is not a customer within the meaning of Directive (EU) 2016/97 (Insurance
Distribution Directive), where that customer would not qualify as a professional client
as defined in point (10) of Article 4(1) of MiFID II;
2.
whether or not it is subject to the Regulations it will not:
(A)
sell or offer the Capital Notes (or any beneficial interest therein) to retail clients (as
defined in MiFID II, UK Delegated Regulation or COBS); or
(B)
communicate (including the distribution of the Prospectus) or approve an invitation or
iii



inducement to participate in, acquire or underwrite the Capital Notes (or any beneficial
interests therein) where that invitation or inducement is addressed to or disseminated
in such a way that it is likely to be received by a retail client (in each case within the
meaning of the Regulations);
and in selling or offering the Capital Notes or making or approving communications relating to
the Capital Notes it may not rely on the limited exemptions set out in COBS; and
3.
it will at all times comply with al applicable laws, regulations and regulatory guidance (whether
inside or outside the EEA or the UK) relating to the promotion, offering, distribution and/or sale
of the Capital Notes (or any beneficial interests therein), including (without limitation) MiFID II,
UK Delegated Regulation or the UK FCA Handbook and any other applicable laws, regulations
and regulatory guidance relating to determining the appropriateness and/or suitability of an
investment in the Capital Notes (or any beneficial interests therein) by investors in any relevant
jurisdiction.
Each prospective investor further acknowledges that:
(i)
the identified target market for the Capital Notes (for the purposes of the product
governance obligations in MiFID II) is eligible counterparties and professional clients only,
each having substantial knowledge and/or experience with financial products, a long term
investment horizon, asset accumulation as investment objective, the ability to bear losses up
to total loss of invested capital, and a risk tolerance and compatibility of the risk/reward profile
of the product with the target market that corresponds to 6 as summary risk indicator (SRI)
(calculated on the basis of the PRIIPs methodology); and
(ii)
no key information document (KID) under PRIIPs has been prepared and therefore
offering or sel ing the Capital Notes or otherwise making them available to any retail investor
in the EEA may be unlawful under the PRIIPs Regulation; and
(iii)
no key information document (KID) under the UK PRIIPs Regulation has been
prepared and therefore offering or selling the Capital Notes or otherwise making them available
to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or
making or accepting an offer to purchase, any Capital Notes (or any beneficial interests therein) from
the Issuer and/or the Managers the foregoing representations, warranties, agreements and
undertakings will be given by and be binding upon both the agent and its underlying client.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET: PROFESSIONAL INVESTORS AND
ECPS ONLY ­ Solely for the purposes of each manufacturers' product approval process in accordance
with MiFID II, the target market assessment in respect of the Capital Notes has led to the conclusion
that (i) the target market for the Capital Notes is eligible counterparties and professional clients only,
each as defined in MiFID II; and (ii) all channels for distribution of the Capital Notes to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Capital Notes (a "Distributor") should take into consideration the manufacturers'
target market assessment; however, a Distributor subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Capital Notes (by either adopting or refining the
manufacturers' target market assessment) and determining appropriate distribution channels.
PRIIPS REGULATION / PROHIBITION OF SALES TO EEA RETAIL INVESTORS ­ The Capital Notes
are not intended to be offered, sold or otherwise made available to and should not be offered, sold or
otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means
a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or
(i ) a customer within the meaning of the Insurance Distribution Directive, where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key
information document required by the PRIIPs Regulation for offering or sel ing the Capital Notes or
otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or sel ing the Capital Notes or otherwise making them available to any retail investor in the EEA may be
unlawful under the PRIIPs Regulation.
iv



UK PRIIPS REGULATION / PROHIBITION OF SALES TO UK RETAIL INVESTORS ­ The Capital
Notes are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of the UK
Delegated Regulation; or (ii) a customer within the meaning of the provisions of the Financial Services
and Markets Act 2000, as amended (the "FSMA") and any rules or regulations made under the FSMA
to implement the Insurance Distribution Directive, where that customer would not qualify as a
professional client, as defined in point (8) of Article 2 (1) of UK MiFIR. Consequently, no key
information document required by the UK PRIIPs Regulation for offering or selling the Capital Notes
or otherwise making them available to retail investors in the UK has been prepared and therefore
offering or selling the Capital Notes or otherwise making them available to any retail investor in the UK
may be unlawful under the UK PRIIPs Regulation.
v



NOTICE
This Prospectus should be read and understood in conjunction with any supplement to this
Prospectus and with any other document incorporated herein by reference.
This Prospectus reflects the status as of its date. The offering, sale and delivery of the Capital
Notes and the distribution of this Prospectus may not be taken as an implication that the information
contained herein is accurate and complete subsequent to the date hereof or that there has been no
adverse change in the financial condition of the Issuer since the date hereof.
No person has been authorised to give any information which is not contained in, or not
consistent with, this Prospectus and, if given or made, such information must not be relied upon as
having been authorised by the Issuer, the Managers (as defined in the section "SUBSCRIPTION AND
SALE" of this Prospectus) or any of them.
Neither the Managers nor any other person mentioned in this Prospectus, excluding the Issuer,
is responsible for the information contained in this Prospectus or any supplement to this Prospectus
or any other document incorporated herein or therein by reference, and, accordingly and to the extent
permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for
the accuracy and completeness of the information contained in any of these documents.
Each investor contemplating purchasing any Capital Notes should make its own independent
investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the
Issuer. This Prospectus does not constitute an offer of Capital Notes or an invitation by or on behalf of
the Issuer or the Managers to any person to subscribe for or to purchase any Capital Notes. Neither
this Prospectus nor any other information supplied in connection with the Capital Notes should be
considered as a recommendation by the Issuer or the Managers to a recipient hereof and thereof that
such recipient should purchase any Capital Notes.
This Prospectus and any supplement to this Prospectus may only be used for the purpose for
which they have been published. In particular, this Prospectus and any supplement to this Prospectus
may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such
offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or
solicitation.
The distribution of this Prospectus and the offering, sale and delivery of the Capital Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes
are required by the Issuer and the Managers to inform themselves about and to observe any such
restrictions. For a description of restrictions applicable in the United States of America, the Member
States of the European Economic Area in general, the United Kingdom of Great Britain and Northern
Ireland and Italy, see "Selling Restrictions" in the section "SUBSCRIPTION AND SALE" of this
Prospectus. In particular, the Capital Notes have not been and will not be registered under the United
States Securities Act of 1933, as amended, and are subject to tax law requirements of the United
States of America. Subject to certain exceptions, Capital Notes may not be offered, sold or delivered
within the United States of America or to U.S. persons.
The language of this Prospectus is English. Any part of this Prospectus in the German
language constitutes a translation. In respect of the Terms and Conditions set out in this Prospectus,
the German text is controlling and binding. The Issuer confirms that the non-binding English text of the
Terms and Conditions correctly and adequately reflects the binding German language version of the
Terms and Conditions.
For the avoidance of doubt the content of any website referred to in this Prospectus does not
form part of this Prospectus and the information on such websites has not been scrutinised or approved
by the CSSF as competent authority under the Prospectus Regulation.
In this Prospectus all references to"CHF" are references to Swiss francs and all references to
"", "EUR" or "Euro" are to the currency introduced at the start of the third stage of the European
Economic and Monetary Union, and as defined in Article 2 of Council Regulation (EC) No 974/98 of
3 May 1998 on the introduction of the Euro, as amended.
vi



BENCHMARK REGULATION:
STATEMENT ON REGISTRATION OF BENCHMARK ADMINISTRATOR
Fol owing the First Reset Date, interest amounts payable on the Capital Notes are expected to
be calculated by reference to the then prevailing five year CHF mid-market swap rate with a floating leg
based on SARON (Swiss Average Rate Overnight) (as further specified in the Terms and Conditions).
As at the date of this Prospectus, SIX Index AG (the administrator of SARON) is included in the register
of administrators and benchmarks established and maintained by the ESMA pursuant to Article 36 of
Regulation (EU) 2016/1011 ("Benchmark Regulation").
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is
a statement that does not relate to historical facts and events. Forward-looking statements are based
on analyses or forecasts of future results and estimates of amounts not yet determinable or
foreseeable. These forward-looking statements may be identified by the use of terms and phrases
such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project",
"will" and similar terms and phrases, including references and assumptions. This applies, in particular,
to statements in this Prospectus containing information on future earning capacity, plans and
expectations regarding MünchenerHyp's business and management, its growth and profitability, and
general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and
assumptions that the Issuer makes to the best of its present knowledge. These forward-looking
statements are subject to risks, uncertainties and other factors which could cause actual results,
including MünchenerHyp's financial condition and results of operations, to differ materially from and
be worse than results that have expressly or implicitly been assumed or described in these forward-
looking statements. MünchenerHyp's business is also subject to a number of risks and uncertainties
that could cause a forward-looking statement, estimate or prediction in this Prospectus to become
inaccurate. Accordingly, investors are strongly advised to read the following sections of this
Prospectus: "RISK FACTORS ­ Risk factors specific and material to the Issuer" and "GENERAL
INFORMATION ABOUT THE ISSUER". These sections include more detailed descriptions of factors
that might have an impact on MünchenerHyp's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this
Prospectus may not occur. In addition, neither the Issuer nor the Managers assume any obligation,
except as required by law, to update any forward-looking statement or to conform these forward-
looking statements to actual events or developments.
vii




TABLE OF CONTENTS

SUMMARY OF THE PROSPECTUS ..................................................................................................... 2
RISK FACTORS ..................................................................................................................................... 9
TERMS AND CONDITIONS OF THE CAPITAL NOTES ..................................................................... 42
INTEREST PAYMENTS AND AVAILABLE DISTRIBUTABLE ITEMS OF THE ISSUER;
DISTRIBUTION RESTRICTIONS; POTENTIAL WRITE-DOWN AND COMMON EQUITY TIER 1
CAPITAL RATIO OF THE ISSUER.................................................................................................. 85
GENERAL INFORMATION ABOUT THE ISSUER ............................................................................. 93
USE OF PROCEEDS .......................................................................................................................... 105
WARNING ON TAX CONSEQUENCES ............................................................................................ 106
SUBSCRIPTION AND SALE.............................................................................................................. 112
GENERAL INFORMATION ................................................................................................................ 115
INCORPORATION BY REFERENCE ................................................................................................ 117



1



SUMMARY OF THE PROSPECTUS
Section 1 ­ Introduction, containing warnings
This Prospectus relates to the CHF 75,000,000 5.750 per cent. Undated Non-Cumulative
Fixed to Reset Rate Additional Tier 1 Notes of 2022, ISIN (International Securities Identification
Number) CH1184694771 (the "Capital Notes"), of Münchener Hypothekenbank eG
("MünchenerHyp" or the "Issuer"), Karl-Scharnagl-Ring 10, 80539 Munich, Federal Republic of
Germany / Telephone: +49 (89) 5387-0 / Fax: +49 (89) 5387-770 / Email: [email protected],
LEI (Legal Entity Identifier): 529900GM944JT8YIRL63.
This Prospectus was approved on 31 May 2022 by the Commission de Surveillance du
Secteur Financier ("CSSF"), 283, route d'Arlon, L-1150 Luxembourg, Grand Duchy of Luxembourg /
Telephone: (+352) 26251-1 (switchboard) / Fax: (+352) 26251-2601 / Email: [email protected].
It should be noted that
this Summary should be read as an introduction to this Prospectus and any decision to invest in
the Capital Notes should be based on consideration of the Prospectus as a whole by the investor;
the investor can lose the entire or a substantial part of the capital invested in the Capital Notes;
where a claim relating to the information contained in the Prospectus is brought before a court, the
plaintiff investor might, under national law, have to bear the costs of translating the Prospectus
before the legal proceedings are initiated; and
civil liability attaches to the Issuer, who has tabled this Summary including any translation thereof,
but only where this Summary is misleading, inaccurate or inconsistent when read together with the
other parts of the Prospectus or where it does not provide, when read together with the other parts
of the Prospectus, key information in order to aid investors when considering whether to invest in
the Capital Notes.
Section 2 ­ Key Information on the Issuer
2.1
Who is the Issuer of the Capital Notes?
The legal and commercial name of the Issuer is Münchener Hypothekenbank eG. The Issuer's
domicile is Karl-Scharnagl-Ring 10, 80539 Munich, Federal Republic of Germany and it is incorporated
in the Federal Republic of Germany as a registered cooperative (eingetragene Genossenschaft)
governed by German law and mainly operates under German law. The Issuer's LEI (Legal Entity
Identifier) is: 529900GM944JT8YIRL63.
Principal Activities of the Issuer: MünchenerHyp is the partner for the German cooperative banks
(Volksbanken and Raiffeisenbanken) for providing the full spectrum of residential and commercial
property financing requirements. MünchenerHyp's two core areas of business are private and
commercial property finance. MünchenerHyp is focused primarily on the German market.
Ownership Structure (as at 31 March 2022):
Cooperative banks and cooperative central bank: 71 per cent;
Other companies of the cooperative financial network: 4 per cent;
customers and other members: 25 per cent.
None of the members holds more than 1.5 per cent of the participation shares in
MünchenerHyp. Therefore, none of the members directly or indirectly owns the majority of the
participation shares in MünchenerHyp or otherwise controls MünchenerHyp.
Identity of the Key Managing Directors: As at the date of approval of the Prospectus, the Board of
Management consists of Dr. Louis Hagen (Chairman), Dr. Holger Horn, Ulrich Scheer and Markus
Wirsen.
Identity of the Statutory Auditors: DGRV-Deutscher Genossenschafts- und Raiffeisenverband e.V.,
Linkstraße 12, 10785 Berlin, Federal Republic of Germany.
2.2
What is the key financial information regarding the Issuer?
The audited annual financial statements of MünchenerHyp as at 31 December 2021 and as at
31 December 2020 were prepared in accordance with the provisions of the German Commercial Code
(Handelsgesetzbuch ­ "HGB").
2



INCOME STATEMENT
1 Jan to
1 Jan to
31 Dec 2021 31 Dec 2020
(in EUR mln)
(audited)
(audited)
Net interest income
402.6
347.8
(Net interest income comprises the aggregate of "Interest income", "Current
income" and "Income from profit-pooling, profit transfer or partial profit transfer
agreements" less "Interest expenses", as reported in the HGB income statement.)
Net fee and commission income
-130.2
-109.5
(Net fee and commission income is the balance of the amounts of "Commission
received" and "Commission paid", as reported in the HGB income statement.)
Net impairment loss on financial assets
-23.5
-11.0
(Net impairment loss on financial assets corresponds to the HGB income statement
items "Write-downs on and adjustments to claims and certain securities and
additions to provisions for possible loan losses", "Income from reversals of write-
downs to claims and certain securities, as well as from reversals of provisions for
possible loan losses" and "Income from reversals of write-downs on participating
interests, shares in affiliated companies and securities treated as fixed assets".)
Net trading income
-
-
(No trading book activities.)
Operating profit
112.7
95.3
(Operating profit corresponds to the HGB income statement item "Results from
ordinary business activities".)
Net profit
59.1
37.7
(Net profit corresponds to the HGB income statement item "Net income".)

BALANCE SHEET



(in EUR mln)
Value as
outcome
from the
most recent
Supervisory
Review and
Evaluation
31 Dec 2021 31 Dec 2020 Process
(audited)
(audited)
("SREP")
Total assets
52,538.2
48,558.4
-
Senior debt
50,315.5
46,518.2
-
(Senior debt corresponds to the HGB balance sheet items "Liabilities
to banks", "Liabilities to customers" and "Certficated liabilities".)
Subordinated debt
140.5
165.4
-
(Subordinated debt corresponds to the HGB
balance sheet item "Subordinated liabilities" and "Instruments of the
additional regulatory core capital".)
Loans and receivables from customers (net)
28,179.3
25,417.2
-
(Loans and receivables from customers (net) is the balance of the
amounts of "Claims on customers" and "Liabilities to customers", as
reported in the HGB Balance Sheet.)
Deposits from customers
524.0
360.7
-
(Deposits from customers are reported within the Balance sheet item
"Liabilities to customers")
Total equity
1,737.3
1,601.8

(Total equity corresponds to the balance sheet Items "Capital and
reserves" and "Fund for general Banking risks".)
Common Equity Tier 1 capital ratio (per cent)
20.4
20.6
8.0
Total capital ratio (per cent)
22.5
22.8
12.3
Leverage ratio (per cent)
3.6
3.6

The independent auditors' reports on the annual financial statements and the management
reports of MünchenerHyp for the financial years ended 31 December 2021 and 2020 do not include
any qualifications.
2.3
What are the key risks that are specific to the Issuer?
Risks related to Issuer generally

Issuer risk: An Issuer risk is the risk that MünchenerHyp becomes temporarily or permanently
insolvent.
Risks related to the Issuer's Business Activities

Counterparty Risk: MünchenerHyp's may incur losses with counterparty exposures which
could have a negative effect on the net assets, financial and income position of the Issuer.
3



Document Outline