Landesbank Berlin AG (LBB) plans to issue structured mortgage covered bonds under its Daheim Nr 1 covered bond programme. This is the first time that a German financial institution has issued covered bonds under general German law, and outside the ambit of the Pfandbrief act.
Although the bank says that it originated the structure on its own, a fortuitous consequence is that it could be used by numerous other institutions in Germany: namely, smaller savings banks.
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