"The Pfandbrief 2009 - 2010"

If German Pfandbriefe (legislatively established covered bonds) are the "gold standard" for covered bonds, the Association of German Pfandbrief Banks (vdp) may be considered the bedrock of the Pfandbrief.  The vdp's 35 member institutions include many of Germany's best-known Pfandbrief issuers.

Front cover (detail)This 136-page publication accomplishes for the Pfandbriefe something comparable to what the European Covered Bond Council's annual Fact Book does for covered bonds in general.  It combines articles on the past year's key developments in the Pfandbrief world with many pages of issuance statistics (in this case, a page on each member institution).

Here is a list of articles in the latest edition:

• "The Legal Framework for Issuing Pfandbriefe" (Jens Tolckmitt & Dr. Otmar Stöcker)

• "Amendment of the Pfandbrief Act 2009" (Dr. Otmar Stöcker)

• "The Pfandbrief Market 2009/2010" (Bodo Winkler) [including a detailed account of market developments since the fall of Lehman]

• "GGBs [Government Guaranteed Bonds] - only an intermezzo?" (Franz Rudolf & Florian Hillenbrand)

A chart from the publication

• "The importance of Pfandbriefe and 'SoFFin bonds' (bonds guaranteed by Germany's Special Fund for Financial Market Stabilisation) for Aareal Bank's refinancing"

• "The Aircraft Pfandbrief" (Matthias Reuleaux & Tammo) [a new type of Pfandbrief authorized this year]

• "The vdp-Curve (Mortgage Pfandbrief): From Pfandbrief yield to mortgage interest" (Christian Fischer & Bodo Winkler)

To download a copy of "The Pfandbrief 2009 - 2010: Facts and Figures about Europe's Covered Bond Benchmark" from the vdp's website, click here.