LIFE FOR MANY Pfandbrief issuers is less miserable than it has been in recent years, but it’s still not much fun.
The steady credit deterioration and spread volatility that have made Pfandbrief issuance such a trial over the past two years has slowed down. Germany’s revised mortgage bank law gives issuers new and welcome tools, such as the ability to use derivatives in Pfandbrief cover pools to reduce risk. And the more responsible and transparent approach to the primary markets that most issuers have adopted is starting to bear fruit.
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