Liquid Bonds

By issuing large-volume Pfandbriefe, issuers are targeting international investors in particular, who invest in the primary market for a variety of reasons. Benchmark Pfandbriefe are in demand there from both buy-and-hold investors and trading-oriented entities. Banks are an important investor group, as liquid Pfandbriefe come with regulatory advantages for this group of buyers due to their high level of security. After their initial issuance on the primary market, benchmark Pfandbriefe are tradable during their lifetime and, in principle, can also be invested in by private individuals via a custodian bank, as many of them have a denomination of €1,000 and can therefore be purchased even in small amounts.

The universe of liquid bonds with a remaining maturity of more than 12 months was worth €185 billion at the beginning of 2026 and comprised around 260 bonds.

Volume outstanding per maturity year (Eur bn; as of January 2026)

Annual issuance volumes of different market segments (Eur bn; 2003 – 2024)