The Verband Deutscher Hypothekenbanken (Association of German Mortgage Banks – VDH) won plaudits last month when it said it was in favour of tapping jumbo Pfandbriefe to make sure they remained liquid. The market was impressed that one body could speak quickly and unequivocally on behalf of a large group of issuers. “It’s remarkable that they’ve come up with a joint statement arguing the case to tap,” says a banker in Frankfurt.
The VDH doesn’t speak for all Pfandbrief issuers, of course.
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