Difference between share and debenture pdf forward this error screen to sharedip-10718057119. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act. Total volume outstanding in Pfandbriefe was EUR 806 billion as at end-2008. Pfandbrief bonds make up the third largest segment of the German bond market after public sector bonds and unsecured bank debt.
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2003 issued a study of housing markets, addressing also mortgage markets and providing a two-page overview of current mortgage systems in the EU countries. The roots of the German Pfandbrief system reach back to the year 1769. Pfandbrief since the creditor acquired a direct claim over the estates the member had pledged as security. This Pfandbrief system rapidly spread throughout all of Europe. Towards the end of the nineteenth century, it was widely adopted for the refinancing of public sector loans. Pfandbriefe for which all the properties lent against by the Landschaft served jointly as security.
As before the loans raised by the Landschaften were not paid out in cash, but in Pfandbriefe. In 1862, the first German mortgage bank, Frankfurter Hypothekenbank in Frankfurt am Main, opened its doors. Numerous other mortgage banks followed in rapid succession in almost all German federal states. By the beginning of the twentieth century 40 private mortgage banks existed. Mortgage banks concentrated from the outset on real estate financing. The rapidly expanding towns and cities in the area of industrialization were in need of the housing construction and commercial properties financing. It provided a legally prescribed, uniform organizational framework for this group of credit institutions.
2005 and amended in 2009, regulates the Pfandbrief. While most European countries have covered bond legislation, the United States and UK initially preferred non-legislative guidelines. The 2005 Pfandbrief Act increased potential issuers to include all licensed credit institutions that meet certain requirements. Formerly, only specialized private mortgage banks and public sector banks could issue covered bonds in Germany. The Pfandbrief Act supersedes all prior existing Pfandbrief legislations.
The 2009 amendment introduced the Aircraft Pfandbrief as the fourth Pfandbrief type. In their cover business, Pfandbrief banks grant property finance, public sector, ship and aircraft loans. Pfandbriefe have an average maturity of about five to seven years. Pfandbrief cover-assets remain on the bank’s balance sheet. By contrast, asset-backed securities are typically off-balance-sheet transactions. Another difference: Pfandbrief cover pools are dynamic.
Their composition can and usually does change over time, depending on the maturities and on the newly registered cover assets. Due to the stringent legal provisions that govern their issuance Pfandbriefe are deemed particularly safe. In the event of the Pfandbrief issuer’s insolvency, Pfandbrief investors have a preferential claim on the cover assets in the cover register because cover pool assets are not included in insolvency proceedings. There has not been a Pfandbrief default since 1901.
The same holds true for ship and aircraft financings. Pfandbrief issuers use pfandbriefe to fund loans that are secured by real estate liens, ship or aircraft mortgages or claims against public-sector bodies. Pfandbrief issuers have three different pfandbrief segments at their disposal: Jumbo pfandbriefe, traditional pfandbriefe and registered pfandbriefe. For the actual placement issuers have the choice between private placements and public offering. With a volume outstanding of EUR 806 billion, the Pfandbrief held a leading place in the European bond markets at year-end 2008. Pfandbriefe made up 22 percent of the German bond market in 2008: 71. 9 percent of pfandbriefe were public pfandbriefe, 27.
The first Aircraft Pfandbriefe were expected to be issued in 2010. Today, continental Europe’s covered bond market is well established. 1 trillion at year-end 2007. The Jumbo Pfandbrief, first brought to market in 1995, arose from a need to attract international investors to a market that had been largely of domestic interest.
Instead of individual banks placing large-volume issues, the Jumbo Pfandbrief allows an issuing syndicate with the goal of marketing Jumbo Pfandbrief issues and of subsequently ensuring market making. A Jumbo Pfandbrief must have a minimum issuance volume of EUR 1 billion. The average issue size of a Jumbo Pfandbrief is about EUR 1. A minimum of five market makers is required. Jumbo Pfandbriefe must be listed on the German stock exchange.