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The Pfandbrief market is changing radically. Investors used to trust in the instrument’s long, default-free `history, supported by ring-fenced, high-quality collateral pools. Issuers could pursue their traditional businesses of real-estate finance and public-sector lending and issuing Pfandbriefe on the back of the resulting loans. This gave them strong growth without much need to expand into new areas. In the past two years, though, investors have been differentiating between individual Pfandbrief issuers to an unprecedented extent.
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