The Pfandbrief 2011 | 2012

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The Pfandbrief Market 2010/2011 Financial Crisis Drives Development of Interest Rates and Spreads From the historic low for ten-year Bunds of 2.1 % in August 2010, the yield moved back up towards the 3% mark at the end of the year. During the first six months of 2011, it then remained lodged at just over 3%. The debt crisis in Greece, which came to a head towards the end of the second quarter, triggered only a limited safe-haven reaction, however, pushing the yield on the 10-year Bund to just below 3%. The renewed flare-up of the sovereign debt crisis around mid-2010 prompted only a limited reaction from Pfandbrief spreads. However, they narrowed again at the beginning of 2011 and have since been largely stable vis-à-vis Bunds. Pfandbrief Yields in % 7 6 5 4 24 3 2 1 0 01. 1999 01. 2000 01. 2001 01. 2002 01. 2003 01. 2004 01. 2005 01. 2006 01. 2007 01. 2008 01. 2009 01. 2010 01. 2011 Maturity buckets: 1–3 y 3–5 y 5–7 y Sources: Commerzbank, iBoxx The widening of spreads in eurozone peripheral states was disproportionately greater. Investors’ focus on sovereign credit risks dominated also the movements on the covered bond markets Neuemission and contributed to paving the 1. way Halbjahr for the 2010 strong spread differentiation 1. Halbjahr on 2009 the covered Hypothekenpfandbrief* bond market. The rally by government bonds of individual peripheral states, which took hold in early 2011, led to a certain recovery Namens- in the Inhaber- case of the respective Namens- covered bonds, Inhaber- too. As pfandbrief pfandbrief Gesamt pfandbrief pfandbrief gesamt concern grew about the extent of, and the lack of a prospect of stabilization of, the Greek sovereign < 1 Jahr debt and its impact on other 0,0% peripheral 6,6% states, spreads 6,6% widened 0,1% again in 1,7% these countries. 1 bis unter It may 3 J. be seen that, as the country 0,5% credit 12,4% rating falls, 12,9% so the spread 0,7% between 14,1% the respec- 14,8% 1,8% tive 3 bis government unter 5 J. paper and covered 1,3% bonds tightens. 40,6% In 41,9% isolated cases, 2,2% covered 20,7% bonds have 22,9% even 5 bis unter been 10 priced J. higher than corresponding 3,3% 22,7% maturities 26,0% of government 11,5% paper. 18,0% 29,5% 10 J. und darüber 7,8% 4,9% 12,6% 25,4% 5,6% 31,0% gesamt 12,8% 87,2% 100,0% 39,9% 60,1% 100,0% * inkl. Schiffspfandbriefe Quelle: vdp Erhebungen
Pfandbrief-Bund-Spreads in % 200 180 160 140 120 100 80 60 40 20 0 25 Swapspreads Jumbo Pfandbriefe and Jumbo Covered Bonds in bp 07.2007 01.2008 07.2008 01.2009 07.2009 01.2010 07.2010 01.2011 07.2011 01. 1999 01. 2000 01. 2001 01. 2002 01. 2003 01. 2004 01. 2005 01. 2006 01. 2007 01. 2008 01. 2009 01. 2010 01. 2011 Maturity buckets: 1–3 y 3–5 y 5–7 y 7–10 y Sources: Commerzbank, iBoxx 560 520 480 440 400 360 320 280 240 200 160 120 80 40 0 Total market France Covered Legal Mortgage Pfandbriefe Public Pfandbriefe Portugal Covered Spain Covered Single Sweden Covered Sources: LBBW, 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 and 22: all. Instead, they are part of the
Page 23 and 24: In changeable times, investors look
Page 25: Monthly sales of new issues in 2010
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
Page 73 and 74: Driven by such healthy fundamentals
Page 75 and 76: Residential Properties The German r
Page 77 and 78:
It is time for new priorities in th
Page 79 and 80:
explain the new assumptions and the
Page 81 and 82:
tion in the industry outlook in one
Page 83 and 84:
Reduce the Significance of External
Page 85 and 86:
84 Aareal Bank | Wiesbaden 86 Bayer
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Aareal Bank AG Paulinenstrasse 15 6
Page 89 and 90:
BayernLB Brienner Strasse 18 80333
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Berlin-Hannoversche Hypothekenbank
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Bremer Landesbank Kreditanstalt Old
Page 95 and 96:
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
Page 135 and 136:
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
Page 149 and 150:
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
Page 157 and 158:
Wüstenrot Bank AG Pfandbriefbank H
Page 159 and 160:
IKB Deutsche Industriebank AG Wilhe
Page 161 and 162:
Other Pfandbrief Issuers 2010 As at
Page 163 and 164:
Moody’s rating for a covered bond
Page 165 and 166:
Topics covered in 1996 - 2010 1996
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2006 — The Pfandbrief Market 2005
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167
Page 171:
Head Office Brussels Office Liaison
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