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Opinion

Pfandbrief is a very long word…

The excitement of the inaugural Euromoney US covered bond conference clearly got to some delegates in New York last month. Not least Dr Louis Hagan, executive director of the VdP – otherwise known as the Association of German Pfandbrief Banks.

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Hagan’s enthusiasm at the lunch his organization sponsored at the conference was there for all to see. And who could blame him? The VdP has toiled long and hard over many years to build the profile of the Pfandbrief in the US, including an annual visit to educate American investors on the wonders of the oldest version of the covered bond.

But Hagan’s attempt to educate investors on the spelling of Pfandbrief by mimicking a US cheerleader was perhaps a step too far. Fortunately he did not grab pompoms and attempt to execute the splits but he did implore his audience to give him a P and an F and so on.

Although the audience almost responded with enthusiasm at first it was clear that by the time he got to the letter N that they were running out of steam. Hagan whisked through the last five letters and allowed the diners to digest a rather rare steak in peace.

Thankfully there is no federation for the Spanish or French covered bond markets or we would never have made it to the dessert course....

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