The Pfandbrief 2011 | 2012
The Pfandbrief 2011 | 2012
The Pfandbrief 2011 | 2012
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Monthly sales of new issues in 2010 and <strong>2011</strong><br />
in € billion<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
2010 <strong>2011</strong><br />
JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY* JUN.*<br />
Jumbo (bearer) <strong>Pfandbrief</strong>e 0.5 0.6 1.1 1.0 0.4 0.0 7.9 1.4 3.0 1.5 6.0 0.0<br />
Bearer <strong>Pfandbrief</strong>e 9.7 1.7 4.3 4.0 1.9 4.2 3.4 4.8 2.4 3.1 2.1 2.2<br />
Registered <strong>Pfandbrief</strong>e 1.2 0.7 2.0 1.1 1.2 1.9 2.3 1.1 0.7 1.7 0.4 1.4<br />
Sources: Deutsche Bundesbank, vdp<br />
* provisional figures<br />
23<br />
However, Mortgage <strong>Pfandbrief</strong>e have seen a positive development, their volume outstanding<br />
having risen slightly by just under €5 billion to €232 billion compared with end-2010. On<br />
balance, however, the negative net sales of Public <strong>Pfandbrief</strong>e had not, by the end of the first<br />
quarter, been compensated by positive net sales of Mortgage <strong>Pfandbrief</strong>e.<br />
Registered <strong>Pfandbrief</strong> issuance continued the trend observed in the years before. <strong>The</strong> fact<br />
that registered <strong>Pfandbrief</strong>e can be structured in a flexible, non-standardized manner according<br />
to investors’ individual requirements means that interest in the product remains lively.<br />
Given their high share of Jumbo <strong>Pfandbrief</strong> issues, registered <strong>Pfandbrief</strong>e accounted for<br />
only 17% of the total issuance volume in the first half of <strong>2011</strong>. Nevertheless, the share of<br />
registered <strong>Pfandbrief</strong>e outstanding remains at a high level, since disposals for the most part<br />
concerned (Jumbo) bearer paper due to maturing Public <strong>Pfandbrief</strong>e. At end-March <strong>2011</strong>,<br />
registered <strong>Pfandbrief</strong>e accounted for a share of just under 41%.