"The Pfandbrief 2009/2010" (vdp slide presentation)

The 35 members of the Association of German Pfandbrief Banks (vdp) account for nearly 100% of new issuance volume in covered bonds that are governed by specific German legislation (in the plural, Pfandbriefe).  The vdp functions as both a think tank and lobbying body on Pfandbrief topics.

Chart showing secondary market spreads for various types of covered bonds since 2007. (CLICK GRAPHIC TO ENLARGE)This 34-page slide presentation, filled with charts and graphs, offers a wealth of updated facts and figures related to German Pfandbriefe.  It covers three main areas: (1) "Pfandbrief banks and their markets" (including some predictions for the remainder of 2010 and into 2011); (2) "quality of cover pools" (showing the composition of cover pools for various Pfandbrief types, including assets from other countries); and (3) the nature and effect of recent and planned amendments to Germany's Pfandbrief laws.

These slides were presented in April 2010 by the vdp's General Manager, Jens Tolckmitt, with Sascha Kullig (Head of Pfandbrief & Capital Markets).  They make a great supplement to the vdp's 136-page fact book, published last year, which bears the same title.

To download a PDF of "The Pfandbrief 2009/2010," click on "vdp 20100427" under "Attachment," below.