Expanding balance sheets Euroland Pfandbrief issues (1.1.99 to 26.3.99) (€m) Public Pfandbriefe
Mortgage Pfandbriefe
Essen Hyp 10,800
0
AHB
9,171
0
DePfa
6,049
0
Rheinhyp
5,000
1,650
Dexia Hyp Berlin
4,230
0
Eurohypo
2,126
157
HypoVereinsbank
2,102
1,580
DG Hyp
2,024
1,260
Düsseldorfer Hyp
1,550
0
Deutsche Hypo Hannover
1,183
200
WestHyp
1,175
605
Deutsche Hyp
850
1,653
Source: Capital Data Bondware The explosion of public (öffentliche) Pfandbrief issuance in the last two years is one of the most intriguing developments in the international capital markets. Investors get a spread to Bunds on paper that in many cases is effectively state-backed. The issuers make a positive spread between the assets that back the Pfandbriefe and the Pfandbriefe themselves: this is despite the fact that at the time they purchase the collateral it yields less than the yield that investors would demand in the Pfandbrief market.
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