The Pfandbrief 2011 | 2012

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The German Property Market – Guaranteeing the Sustained Value of Mortgage Pfandbriefe Susanne Giesemann, Christoph Kettel | Eurohypo AG 64
The fallout of the financial and economic crisis played a considerable part in the recent success story of the Mortgage Pfandbrief, long decried as boring. In view of the current increase in investors’ risk awareness, however, the Pfandbrief is held in high esteem not just as a sound and favorably priced refinancing instrument for the issuing financial institutions but also as an investment product with a stable value. The attraction can be explained not only by the statutory requirements that govern the issuance of Pfandbriefe and the determination of the mortgage lending value (MLV): particularly in downswing phases, it is above all the sustained value of the cover pools that convinces. A closer look at the German property market – by international comparison and in terms of the development of individual market segments – testifies to the attractiveness of this debt instrument. After all, German properties account for around 80% of the cover for Mortgage Pfandbriefe. The current trend in transaction activity reflects the appeal of the German property market beyond Germany’s national borders. Investment volume in 2010 was twice that of the previous year, and is returning to the level recorded before the exceptional boom years of 2006-2007 as a long-term average. Besides London and Paris, mainly German conurbations are again attracting more and more foreign investors. 65 Property Transaction Volumes in Germany 70 Investment volume (in € billion) 60 50 40 30 20 10 0 2005 2006 2007 2008 2009 2010 Source: BNP Paribas What makes direct investment in German properties attractive also benefits, indirectly, the Mortgage Pfandbrief given the high percentage of German collateral in the cover pools for Mortgage Pfandbriefe. Besides the strong economic upswing and the robust labor market, which appears to have emerged from the crisis virtually unscathed, it is in particular because of market participants’ re-appraisal of risk-return ratios that Germany is seen in a very positive light by international comparison.
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The Pfandbrief 2011 | 2012 Facts an
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The Association of German Pfandbrie
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Member Institutions of vdp 84 Aarea
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Jan Bettink | president framework i
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Pfandbriefe are covered interest-be
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the special supervision of Pfandbri
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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 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: What, in your opinion, will investo
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
Page 87 and 88: Aareal Bank AG Paulinenstrasse 15 6
Page 89 and 90: BayernLB Brienner Strasse 18 80333
Page 91 and 92: Berlin-Hannoversche Hypothekenbank
Page 93 and 94: Bremer Landesbank Kreditanstalt Old
Page 95 and 96: COREALCREDIT BANK AG Corealcredit H
Page 97 and 98: DekaBank Deutsche Girozentrale Main
Page 99 and 100: Deutsche Apotheker- und Ärztebank
Page 101 and 102: Deutsche Genossenschafts-Hypotheken
Page 103 and 104: Deutsche Hypothekenbank (Actien-Ges
Page 105 and 106: Deutsche Kreditbank AG Taubenstrass
Page 107 and 108: Deutsche Pfandbriefbank AG Freising
Page 109 and 110: Deutsche Postbank AG Friedrich-Eber
Page 111 and 112: Deutsche Schiffsbank AG Domshof 17,
Page 113 and 114: Dexia Kommunalbank Deutschland AG C
Page 115 and 116: 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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Head Office Brussels Office Liaison
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