The Pfandbrief 2011 | 2012

Monthly sales of new issues in 2010 and 2011
in € billion
16
14
12
10
8
6
4
2
0
2010 2011
JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY* JUN.*
Jumbo (bearer) Pfandbriefe 0.5 0.6 1.1 1.0 0.4 0.0 7.9 1.4 3.0 1.5 6.0 0.0
Bearer Pfandbriefe 9.7 1.7 4.3 4.0 1.9 4.2 3.4 4.8 2.4 3.1 2.1 2.2
Registered Pfandbriefe 1.2 0.7 2.0 1.1 1.2 1.9 2.3 1.1 0.7 1.7 0.4 1.4
Sources: Deutsche Bundesbank, vdp
* provisional figures
23
However, Mortgage Pfandbriefe have seen a positive development, their volume outstanding
having risen slightly by just under €5 billion to €232 billion compared with end-2010. On
balance, however, the negative net sales of Public Pfandbriefe had not, by the end of the first
quarter, been compensated by positive net sales of Mortgage Pfandbriefe.
Registered Pfandbrief issuance continued the trend observed in the years before. The fact
that registered Pfandbriefe can be structured in a flexible, non-standardized manner according
to investors’ individual requirements means that interest in the product remains lively.
Given their high share of Jumbo Pfandbrief issues, registered Pfandbriefe accounted for
only 17% of the total issuance volume in the first half of 2011. Nevertheless, the share of
registered Pfandbriefe outstanding remains at a high level, since disposals for the most part
concerned (Jumbo) bearer paper due to maturing Public Pfandbriefe. At end-March 2011,
registered Pfandbriefe accounted for a share of just under 41%.