Still big, but more sensitive

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The jumbo Pfandbrief was designed to attract international investors to what had been largely a domestic German debt instrument. Until recently, though, it was being marketed as if Germans were the target. Non-Germans want clearer pricing information, conventional credit ratings and more warning of upcoming issues. Some issuers are responding, not least because the Pfandbrief looks like being Germany's main contender in European debt markets when a single currency is instituted. Antony Currie reports.