Pfandbriefe

Pfandbriefe

The German equivalent of a mortgage-backed security. They are issued by mortgage banks and are considered the safest non-government bond in Germany.
References in periodicals archive ?
Securities and Exchange Commission, affirmed UniCredit Bank AG's (HVB; BBB+/Negative/F2) Pfandbriefe at 'AAA' with a Stable Outlook.
The result was above all the circulation of flexible other bank bonds ( 3.6 billion ), but also mortgage Pfandbriefe ( 1.0 billion ).
Esto va muy ligado a la forma habitual de refinanciacion de las hipotecas alemanas a traves de Pfandbriefe que tienen este limite (o similar) para poder ser utilizadas como su cobertura de estos valores ([seccion] 14 Pfandbriefgesetz 1995, version 2014 (54)).
In Germany, ratings are unlikely to be impacted even if the new arrangement provided more comfort, as the liquidity gap assessment for Pfandbriefe is already at the maximum which Fitch assigns to programmes with maturity mismatches.
In Germany the state implicitly supports Pfandbriefe (covered bonds) which have not defaulted in over 200 years.
capital markets through covered bonds (Pfandbriefe) and other longer-term
In addition to Pfandbriefe, Deutsche Hypo issues also unsecured bearer and registered bonds.
The merger of the two entities has been entered into the commercial register and Commerzbank has further received approval from the Federal Financial Supervisory Authority to issue public sector covered bonds, or pfandbriefe, and ship pfandbriefe.
For the German and Austrian legal order, the name "Pfandbrief" is used, Luxemburg uses three terms: "lettres de gage", "pfandbriefe" and "mortgage bond", In Czech Republic--"hypotecni zastawni list", in Slovakia--"hypotekarny zalotny list" and "komunalne obligacie" and in Hungary--"jelzaloglevel" (Drewicz-Tulodziecka, 2001, p.
Specifically, the eligible assets included foreign government debt, German Jumbo Pfandbriefe, international agency debt, foreign government agency debt, municipal bonds, and corporate bonds.
(91) See Julia Hoggett, "Crossing the Atlantic: Can Covered Bonds Gain Real Penetration in the United States?" in Jonathan Golin, ed., Covered Bonds beyond Pfandbriefe: Innovations, Investment and Structured Alternatives (London, U.K.: Euromoney Books, 2006) 320 at 323 (indicating the lack of legislation in the American market for covered bonds, which produces products that lack the standardization and comparability of their European counterparts).
The International Use of Synthetic Securitizations for Mortgage Financing i) Pfandbriefe and the History of the German Secondary Mortgage Market ii) Pfandbriefe and the Emerging Securitization Market in Germany C.