Season’s Greetings, Pfandbrief!

It was on Christmas Eve of 1770 that the first agricultural Pfandbrief was issued, based on the “cabinet order” that Frederick the Great passed in 1769.

The issue by what was known as the Silesian landowners’ association met with an enthusiastic reception, becoming the “fancy of the world of capital” at that time. And it has remained a firm favourite right up to the present. Ever since then, Pfandbriefe have remained one of the cornerstones of the financial system. “Old Fritz” put his signature, in 1769, to what would become a body of rules that the financial world continues to this day to view as one of great significance.