DePfa likes to think that as an issuer it is one step ahead of its competitors, and not without reason. With assets totalling Dm150 billion ($87 billion) on the balance sheet and a funding requirement which outstrips that of most other specialized German mortgage banks, DePfa has necessarily taken an innovative approach to its borrowings.
That much is evident from DePfa’s contribution to the development of the Pfandbrief market, which is the most apparent area, but not the only one where the bank has taken a lead.
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