Here you’ll find literature, essays, vdp studies, and informational material about Pfandbriefe and real-estate, public-sector, ship, and aircraft financing. It also includes our extensive vdp publication series, which brings together the knowledge and experience of a variety of Pfandbrief experts, who offer in-depth examinations of such aspects as the mortgage lending value, funding issues, and security rights over real property in Europe. Where available, you can also order our publication series in print version.
Real Estate Market in Germany in early 2018
By focusing on selected indicators, the article provides an up-to-date overview of movements in the housing and office property markets in Germany. Given how sensitively real estate markets react to the economic situation, this overview is preceded by a summary of the macroeconomic conditions.
Facts & Figures 2017
Funding Activities of the Pfandbrief Banks
The Pfandbrief Banks’ lending business
Outlook Pfandbrief market
Structures of Residential Property Finance 2017
Findings of a survey conducted among the member banks of the Association of German Pfandbrief Banks
The Office Property Market in Germany
The article describes office market developments in both the leasing and the investment market. In connection with the leasing market we will, moreover,
turn our attention to new construction activity and look at how much own capital and borrowed capital were spent in recent years to purchase and to build office
Harmonization of covered Bonds: Update
For three years now, the European Commission has been grappling with the matter of creating a common legal framework for covered bonds in Europe. First thoughts were outlined in the European Commission’s Green Paper on the long-term financing of the European economy in the spring of 2013, and one year later confirmed by a Commission Communication. This was
followed, in September 2015, by a detailed consultation involving all market participants on different “policy options” for the European covered bond market.
The ECB´s Asset Purchase Program and Pfandbriefe - Trends and Outlook
It just goes on and on. The picture projected by the Pfandbrief primary
market again showed no substantial change in year 2 of the European
Central Bank’s asset purchase program. The ECB’s persistently strong
interest in new issues has made the successful placement of, in some
cases, large-volume bonds something akin to child’s play for German
issuers. Even banks which are not regular issuers of euro-denominated
benchmark paper seized the moment of late.
At the start of July 2016, funding and treasury specialists from five
member institutions and further market experts answered questions
posed by Philipp Otto in Commerzbank’s offices in Frankfurt/Main.
The Pfandbrief - Investors´ Attitudes and Expectations
Investors again found themselves faced with a number of challenges on the covered bond market over the past months. A major influencing factor in this connection remains the central bank policy of the European Central Bank. On the one hand, the ECB is keeping interest rates low; on the other, it continues to buy covered bonds and Pfandbriefe directly on the market under its third Covered Bond Purchase Program (CBPP3). This is having avariety of effects. A crowding out of individual investor groups is evident.
The Legal Framework for Issuing Pfandbriefe
Pfandbriefe are covered interest-bearing bonds. They are issued by
credit institutions with a license to engage in Pfandbrief business (Pfandbrief Banks) and placed on the capital market. These credit institutions use them to fund certain loans that are secured by real estate liens, ship mortgages, aircraft mortgages and claims against public-sector bodies.Depending on the type of collateralization, these bonds are referred to as Mortgage Pfandbriefe, Ship Pfandbriefe, Aircraft Pfandbriefe or Public Pfandbriefe respectively. Most Pfandbriefe are issued in the form of bearer bonds, followed by registered bonds.
vdp Member Institutions support Development at European Level and increase Transparancy
Transparency requirements for covered bonds come from many different
quarters. From a regulatory perspective, the issue of transparency is gaining importance in the context of discussions on harmonisation of the covered bond regime within the framework of the EU Capital Markets Union. Up to now, transparency disclosure requirements have varied considerably between the different covered bond jurisdictions in terms of their legal basis, content and level of detail required, and the frequency of disclosures. It thus comes as no surprise that the European Commission is also addressing transparency in a consultation paper on covered bond harmonisation.
No publications available for current filter settings.