 |
DON’T DO IT right, do it first. The idea that any product that breaks new ground enjoys an indelible branding advantage has become a marketing mantra. But in the debt capital markets, the recent fortunes of the Pfandbrief suggest that holding on to that advantage is an increasingly demanding exercise.
Once content to sell itself as the original and still the best covered bond, the Pfandbrief is now in competition with established or growing rival products in at least six jurisdictions, and with mortgage-backed securities (MBS) in Germany itself.
Thanks for your interest in Euromoney!
To unlock this article, enter your e-mail to log in or enquire about access:
