Pfandbrief-style products in Europe

Abstract

The Pfandbrief bond market is the biggest segment of the euro-denominated private bond market in Europe and rivals in size the individual European government bond markets. The fact that it developed mainly in a single country as a purely domestic product until the mid-1990s obscured the strong growth of this market segment, regarded as illiquid and arcane by international investors. Following the strong development in issuance of, in particular, the German “Jumbo”, a number of jurisdictions in Europe (including many eastern European countries) have now established the regulatory framework for Pfandbrief-style products or are preparing to do so in the near future. This note describes the nature and the main characteristics of Pfandbrief-style products in a number of European countries and concentrates the analysis in particular on Jumbo products, which were launched within a relatively

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