Code of Conduct for Jumbo Pfandbrief issuers

New issues and re-openings should be announced with an adequate run-up period to allow enough time for the bookbuilding process. A pre-marketing phase of at least 24 hours should precede issuance.

Pricing of new issues and re-openings should be in line with general market terms. The issuing spread should always be determined in such a way that it also represents good value in the secondary market.

Re-openings - like new issues - must as a general principle be carried out with the required minimum number of market makers. The issuer should publish the information that investors need to assess their Pfandbrief investments.

The relevant data should be updated quarterly.