Author: Tom Marshall
All year, German mortgage bankers have been assuring us that quality will always tell in the end. This in the face of new issues having been virtually non-existent for most of this year, and analysts consistently bearish on the asset class. But, the bankers insisted, next time the financial world was rocked by a disastrous, confidence-sapping event, the Pfandbriefe would suddenly come back into fashion because of their safety. Investors, it was argued, would flock to covered bonds, attracted by their long default-free record and yield pick-up over governments.
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