Identity crisis
Pfandbrief has moved from being a rates product to a credit product over the past 12 months – not bad going for an instrument that for years has been marketed as a government bond surrogate. Unfortunately, although Pfandbrief has become more credit intensive, it cannot compete with the yields on credit product proper. But interest may pick up if sentiment towards lower-rated corporates turns sour. Hardeep Dhillon reports.
“It is not easy to sell this credit at the moment,” says
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