Home Publikationen Fachpublikationen Deutscher Pfandbrief 2006 - Aktuelle Entwicklungen und internationaler Vergleich (englische Fassung: German Pfandbrief 2006 - Recent Developements and international comparison)
3. Juli 2006
Deutscher Pfandbrief 2006 - Aktuelle Entwicklungen und internationaler Vergleich (englische Fassung: German Pfandbrief 2006 - Recent Developements and international comparison)
The German Pfandbrief has been a success in the international capital markets for decades. It represents the largest segment of fixed-income securities in Europe and has become even more important since the introduction of the Euro. Foreign investors’ interest in Pfandbriefe remains high. About one third of all Pfandbriefe of German issuers are held in non-German portfolios. This has also led many European countries to create a framework for similar capital market products modelled on the German Pfandbrief. Similar products can for instance be found in France (Obligations Foncières), Spain (Cédulas Hipotecarias or Cédulas Territoriales), Luxembourg (Lettres de Gage) and Ireland (Mortgage Covered Securities).
Pfandbrief-like products are also emerging in various countries of Central and
Eastern Europe. Against this background, the German Pfandbrief, in terms of credit quality and market liquidity, will have to sustain its position as the benchmark in order to continue its leading position in the European and international capital markets in future. Only in this way
will it be possible to properly respond to the ever-increasing demands of investors and rating agencies as regards the security and transparency of the German Pfandbrief. The aim for of all issuers and the legislator therefore had to be to further strengthen the German capital market vis-à-vis its international competitors.
With the new Pfandbrief legislation, the Federal Parliament and the Federal Council have succeeded in launching and realising a particularly important project in record time. The project could be based on the existing legislation and the very good preliminary work of the Federal Ministry of Finance. This brochure summarises the main features of the new Pfandbrief Act and its effects. It is supplemented by an extensive collection of materials regarding the legislative project.
- German Pfandbrief 2006 (3,09 MB)
