The Pfandbrief 2011 | 2012

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The Pfandbrief Market 2010/2011 Swen Prilla, Christian Walburg | Association of German Pfandbrief Banks 20
In changeable times, investors look for a safe haven. Also in the sovereign debt crisis that followed the bank crisis and came to a head at the end of the first half of 2011, Pfandbriefe have proven themselves to be reliable. Investors stand by the product in difficult times thanks, not least, to the high degree of transparency of the cover assets. A project which Pfandbrief banks have embarked upon currently seeks to heighten transparency on the secondary market. Government Debt Crisis Depresses Sentiment on the Financial Markets, Pfandbriefe in Demand After the IMF and EU rescue shield had been put together and the solution to the Greek debt crisis seemed to be within reach in the second half of 2010, the sovereign debt crisis intensified further when Ireland, too, availed itself of the rescue shield in November 2010. In the first half of 2011, the focus fell on additional Mediterranean states. The situation in Greece grew even worse, finally prompting S&P to downgrade the Greek credit rating to CCC in June 2011. The differences between the eurozone countries and the European Central Bank over how to remedy Greece’s debt problem – notably Germany’s proposal that private creditors participate in a restructuring of Greek debt – depressed the sentiment in the financial markets. Given the uncertainty about how the crisis would develop, covered bonds – above all, Pfandbriefe – increasingly attracted investors’ interest. 21 Swap spreads in comparison* bp 300 275 250 225 200 175 150 125 100 75 50 25 0 -25 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 iBoxx senior financials iBoxx all covered bonds iBoxx German Pfandbriefe * The comparison is distorted slightly by different durations of the indices. Sources: Commerzbank, iBoxx
Page 1 and 2: The Pfandbrief 2011 | 2012 Facts an
Page 3 and 4: The Association of German Pfandbrie
Page 5 and 6: Member Institutions of vdp 84 Aarea
Page 7 and 8: Jan Bettink | president framework i
Page 9 and 10: Pfandbriefe are covered interest-be
Page 11 and 12: the special supervision of Pfandbri
Page 13 and 14: Claims against Public-Sector Entiti
Page 15 and 16: are not eligible as cover. These re
Page 17 and 18: and to meet liquidity management co
Page 19 and 20: Ring-Fencing of the Cover Pools The
Page 21: all. Instead, they are part of the
Page 25 and 26: Monthly sales of new issues in 2010
Page 27 and 28: Pfandbrief-Bund-Spreads in % 200 18
Page 29 and 30: vdp Initiative for the Improvement
Page 31 and 32: As a reaction to the problems and r
Page 33 and 34: The The significance of common equi
Page 35 and 36: waiving exemption from retroactive
Page 37 and 38: For banks specialising in public se
Page 39 and 40: Solvency II is intended to reform t
Page 41 and 42: Spread and counterparty risk The eq
Page 43 and 44: Counterparty default risk Mortgage
Page 45 and 46: liabilities and which plan to optim
Page 47 and 48: “Benchmarks” are reference or c
Page 49 and 50: account of its macro strategy, has
Page 51 and 52: iBoxx COVERED BOND INDICES (JUNE 20
Page 53 and 54: EuroMTS Index The EuroMTS Covered B
Page 55 and 56: eb.rexx INDEX FAMILY eb.rexx Overal
Page 57 and 58: The question of the ETF’s replica
Page 59 and 60: Cover Ausgehend assets von from ein
Page 61 and 62: Michael Schulz, NordLB; Bodo Winkle
Page 63 and 64: BW: The German mortgage lending val
Page 65 and 66: What, in your opinion, will investo
Page 67 and 68: The fallout of the financial and ec
Page 69 and 70: cue fund, first and second economic
Page 71 and 72: Latest Developments on the Rental M
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Driven by such healthy fundamentals
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Residential Properties The German r
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It is time for new priorities in th
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explain the new assumptions and the
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tion in the industry outlook in one
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Reduce the Significance of External
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84 Aareal Bank | Wiesbaden 86 Bayer
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Aareal Bank AG Paulinenstrasse 15 6
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BayernLB Brienner Strasse 18 80333
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Berlin-Hannoversche Hypothekenbank
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Bremer Landesbank Kreditanstalt Old
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COREALCREDIT BANK AG Corealcredit H
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DekaBank Deutsche Girozentrale Main
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Deutsche Apotheker- und Ärztebank
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Deutsche Genossenschafts-Hypotheken
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Deutsche Hypothekenbank (Actien-Ges
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Deutsche Kreditbank AG Taubenstrass
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Deutsche Pfandbriefbank AG Freising
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Deutsche Postbank AG Friedrich-Eber
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Deutsche Schiffsbank AG Domshof 17,
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Dexia Kommunalbank Deutschland AG C
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Düsseldorfer Hypothekenbank AG Ber
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DVB Bank SE Platz der Republik 6 60
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Eurohypo Aktiengesellschaft Helfman
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Hamburger Sparkasse AG Adolphsplatz
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HSH Nordbank AG Gerhart-Hauptmann-P
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ING-DiBa AG Theodor-Heuss-Allee 106
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Kreissparkasse Köln Neumarkt 18 -
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Landesbank Baden-Württemberg Am Ha
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Landesbank Berlin AG Alexanderplatz
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Landesbank Hessen-Thüringen (Helab
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M.M.Warburg & CO Hypothekenbank AG
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Münchener Hypothekenbank eG Karl-S
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Nord/LB Norddeutsche Landesbank Gir
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SaarLB Landesbank Saar Ursulinenstr
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SEB AG Ulmenstrasse 30 60325 Frankf
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Sparkasse KölnBonn Hahnenstrasse 5
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UniCredit Bank AG (former Bayerisch
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VALOVIS BANK AG Theodor-Althoff-Str
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Westdeutsche ImmobilienBank AG Gros
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WestLB AG Herzogstrasse15 40217 Dü
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WL BANK AG Westfälische Landschaft
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Wüstenrot Bank AG Pfandbriefbank H
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IKB Deutsche Industriebank AG Wilhe
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Other Pfandbrief Issuers 2010 As at
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Moody’s rating for a covered bond
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Topics covered in 1996 - 2010 1996
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2006 — The Pfandbrief Market 2005
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167
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Head Office Brussels Office Liaison
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