The traditionally German-dominated covered bond market appears to be opening up. The covered bonds section of the Euromoney best borrowers survey has always featured a large number of German banks – usually a combination of Landesbanks and real-estate-oriented institutions. Their strong performance has never been a surprise; German-issued Pfandbriefe make up the largest segment of the global covered bond market.
However, the natural order of covered bonds has been shaken up during the past year.
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