At a recent get-together of Munich’s city bankers, Bayerische Handelsbank board member and new president of the Association of German Mortgage Banks Walter Dieck fell into conversation with a professor of economics at the University of Munich – a specialist in banking – about Germany’s new “jumbo” Pfandbrief market which combines issuing activity into offerings of Dm500 million or more, and promises market-making. The market’s profile is improving, they agreed. After all, remarked the professor, Pfandbrief had an accepted English translation – “mortgage bond”.
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