European government guarantee packages: Guaranteed to confuse
The sincerest form of flattery
IT IS COMMONLY impressed on investors that in more than 200 years of existence, the German Pfandbrief, the benchmark of the modern covered bond world, has never experienced a single case of default. This is not just a fact that is trotted out for marketing purposes in the same way that, say, a hedge fund might boast that none of its investments had lost money.
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