Depfa Bank unit plans euro covered bond -IFR

LONDON, July 21 (Reuters) - Depfa Deutsche Pfandbriefbank AG, a subsidiary of Ireland-based Depfa Bank, plans to sell a euro-denominated benchmark covered bond, International Financing Review reported.

Barclays Capital, Dresdner Kleinwort, Merrill Lynch and Unicredit Group (HVB) have been named as joint lead managers for the transaction, said IFR, a Thomson Reuters publication.

The transaction, which will be launched in the near future subject to market conditions, is to be rated triple-A by all three major ratings agencies, IFR said.

Covered bonds are backed by pools of assets that remain on the borrower's balance sheet. (Reporting by Jane Baird; Editing by Quentin Bryar)