The Pfandbrief 2011 | 2012

What, in your opinion, will investors be focusing
12. on in the months ahead?
RG: Investors attach particular importance to a sound and sustainable business model. As well
as the composition and dynamic nature of the cover pools, investors’ interest will continue, as
in the past, to focus on this aspect.
TS: Investors are examining the business models of banks in general and of Pfandbrief issuers
in particular, and are calling for details on the stability and sustainability of each bank’s business
strategy. Furthermore, the consequences of regulatory initiatives such as Basel III and
Solvency II are becoming more and more of an issue. Last but not least, the future development
of the sovereign debt crisis and its implications for other fixed-income asset classes is a
topic that will stay with us for years to come. For that reason more than any other, Pfandbriefe,
embedded both in a strong legal framework and in the sound business model of each issuer,
will continue to be a safe investment that will remain in the focus of investor interest.
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