Pfandbrief

The Pfandbrief (plural: Pfandbriefe), a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act. Total volume outstanding in Pfandbriefe was EUR 806 billion as at end-2008.^[1] Pfandbrief bonds make up the third largest segment of the German bond market after public sector bonds and unsecured bank debt.

A survey of European Pfandbrief-like products was issued in 2005 by the Bank for International Settlements;^[2] the International Monetary Fund in 2007 issued a study of the covered bond markets in Germany and Spain,^[3] while the European Central Bank in 2003 issued a study of housing markets, addressing also mortgage markets and providing a two-page overview of current mortgage systems in the EU countries.^[4]

^ Deutsche Bundesbank^{[self-published source?]}
^ Mastroeni, O (2005) Pfandbrief-style products in Europe. Bank for International Settlements (BIS): BIS Papers No 5, 22 Jan 2008
^ The Use of Mortgage Covered Bonds, Renzo G. Avesani, Antonio García Pascual, and Elina Ribakova. 2007 International Monetary Fund, IMF Working Paper, WP/07/20, January 2007. 23 p.
^ European Central Bank: Structural factors in the EU housing markets, March 2003

[dbb-1] Deutsche Bundesbank^{[self-published source?]}

[2] Mastroeni, O (2005) Pfandbrief-style products in Europe. Bank for International Settlements (BIS): BIS Papers No 5, 22 Jan 2008

[3] The Use of Mortgage Covered Bonds, Renzo G. Avesani, Antonio García Pascual, and Elina Ribakova. 2007 International Monetary Fund, IMF Working Paper, WP/07/20, January 2007. 23 p.

[4] European Central Bank: Structural factors in the EU housing markets, March 2003

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