A potential threat to the development of an internationally recognized jumbo Pfandbrief market is the recent appearance of another jumbo product. Last August seven German Länder (states) joined together to issue a joint Dm4 billion ($2.6 billion) bond. This is the only such Länder jumbo to appear, although another is due in the first few months of this year.
The market criticized the first issue for its cumbersome syndicate structure and the poor communication between the arrangers.
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