Since March three borrowers have issued Pfandbriefe in currencies other than Deutschmarks and in June another became the first to issue a fully registered global Pfandbrief – the previous four so-called globals had all been issued a rule 144A exemption.
These issues represent the next step in the process of internationalizing a market which until two years ago was almost exclusively domestic. The traditional Pfandbriefe were illiquid instruments, usually between Dm50 million ($27 million) and Dm200 million, and sold as quasi-private placements to buy-and-hold investors.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
