The Pfandbrief

The Pfandbrief is the primary instrument used for refinancing by pbb Deutsche Pfandbriefbank. With an outstanding volume of c. 24 bn EUR, we are one of the largest issuers on the market and we want to retain this position.

Next to the market for public sector bonds, the Pfandbrief market is the second largest market for fixed income bonds in Germany. The Pfandbrief has a good reputation with investors due to the particularly high level of security it offers and due to its untarnished credit history. As a specialist bank for real estate finance, pbb Deutsche Pfandbriefbank is an issuer of Mortgage Pfandbriefe.

We issue Pfandbriefe both as a frequent issuer on the international capital markets, in benchmark format and as private placements. We structure private placements according to the requirements of our investors as registered or bearer bonds; the maturity and interest rate structure can also be tailored to meet individual needs. In line with our credit business, we offer Pfandbriefe in various currencies, with a focus on EUR, GBP, USD and SEK.

The issuance of Pfandbriefe is subject to the regulations of the German Pfandbrief Act with its high level of requirements with regard to protection for investors. These high standards mean that the level of security offered by the Pfandbrief is equalled only by that of government bonds. The security mechanisms of the German Pfandbrief Act are demonstrated by the insolvency laws for Pfandbrief creditors: In the case of an insolvency of a Pfandbrief bank, the cover pools - which act as security for the Pfandbriefe - are available primarily to the Pfandbrief creditors to cover their claims. Pfandbrief banks have to issue reports every quarter on the composition and structure of their cover pools. 

Mortgage Pfandbriefe

For the refinancing of cover pool eligible real estate business, Mortgage Pfandbriefe are issued (outstanding Pfandbriefe as of 31/12/2023: EUR 17 bn).

Our real estate cover pool is composed of the following:

By Region and Property Type (as of 31/12/2023)