Protected: yes Effective: maybe

Covered bonds


The good news for the European covered bond market is that there have been a number of positive developments in recent months; the bad news is that virtually none of these has emanated from the German Pfandbrief sector which, as comfortably the largest of Europe’s covered bond markets, continues to cast a lengthy shadow over the asset class as a whole.

The issuance figures in 2002 for these heavily collateralised bonds tell the story plainly enough. According to figures published recently by

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