vdp Issuance Climate

Twice a year, the vdp Issuance Climate provides information on the capital market sentiment among the member institutions of the Association of German Pfandbrief Banks (vdp) with regard to the placement of Pfandbriefe and unsecured bank bonds. The survey is based on a survey among the experts of the vdp members on the possibilities of placing new issues of Pfandbriefe and unsecured bank bonds. The experts' assessments are aggregated to form an indicator.

The questions focus on the demand side (e.g. investor demand, ECB support), the supply side (e.g. maturities, assets to be refinanced) and other influences such as interest rate developments. The survey covers assessments for the past six months, for the current situation and for the next six months, with the latter being given the greatest weighting in the analysis. Individual parameters are surveyed for both Pfandbriefe and unsecured bonds, resulting in a barometer of sentiment not only for Pfandbrief issues but for debt securities in general.

Three scores are calculated: one score each for Pfandbriefe and unsecured bonds, and an overall score. A score of 0 corresponds to a stable capital market environment in which issuance plans can be implemented without any problems. Negative and positive scores indicate a below-average and above-average issuance environment, respectively. The range of possible scores is -100 to +100 points.

From December 2022, the publications will always be made twice-yearly, i.e. always in June and December of a year. You will find the current results of the vdp Issuance Climate under "Download".