In the limelight again: LBBW jumbo revitalises Pfandbriefe

06 Feb 2009

Landesbank Baden-Württemberg reopened the jumbo Pfandbrief market this week with the first such transaction since August last year, and Deutsche Postbank followed suit just one day later.

The renaissance of the German market demonstrated the continued relevance of covered bonds in a world in which financial institutions’ funding has been dominated by government-guaranteed issuance and central bank facilities. Before the two Pfandbrief issues, only two benchmark covered bonds had been launched since last September.

The German ...

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