Overview
- Comprehensive analysis of Pfandbrief-related risks and the legal framework of Pfandbriefe
- Extensive list of more than 200 Pfandbrief-related references providing an ideal starting point for further research
- First monograph (outside lobby and interest groups) on the German Pfandbrief, representing the only monograph with unbiased information on this product
- Includes supplementary material: sn.pub/extras
Part of the book series: SpringerBriefs in Finance (BRIEFSFINANCE)
Access this book
Tax calculation will be finalised at checkout
Other ways to access
Table of contents (1 chapter)
-
Front Matter
-
Back Matter
Keywords
About this book
The Pfandbrief, a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act.
With a history that goes back to the 18th century and a high market share in today’s covered bond markets, the German Pfandbrief is the most established covered bond. Until today, no single Pfandbrief has ever defaulted.
Even though Pfandbriefe have survived the financial crisis comparably unharmed, investors have become more sensitive regarding the creditworthiness of the corresponding issuer and sovereign, the strength of the legal (or contractual) framework and the quality of the cover pool serving as collateral.
This monograph provides a structured in-depth analysis of the legal framework and the risks inherent in a Pfandbrief, taking into consideration recent market developments. Starting from the legal framework, the German Pfandbrief is introduced without requiring prior knowledge. Covered bond related risks are explained in detail and their relevance to the Pfandbrief is thoroughly discussed with focus on the two most common Pfandbrief types, mortgage and public Pfandbriefe. In addition to that, the monograph comes with an extensive collection of Pfandbrief-related literature and a glossary explaining the main technical terms.
Authors and Affiliations
About the authors
Ralf Werner is professor for business mathematics at Augsburg University and Scientific Advisor to DEVnet. Prior to this, he was heading the Risk Methods & Valuation department at Deutsche Pfandbriefbank. He also held various positions at Allianz SE, Risklab Germany and SchmidtBank as consultant, financial engineer and prop trader.
Manuela Spangler works as a quantitative risk analyst at Allianz Deutschland. She also is a PhD student at the Institute of Mathematics at Augsburg University. Before joining Allianz, Manuela worked in the Risk Methods & Valuation department at Deutsche Pfandbriefbank for several years.
Bibliographic Information
Book Title: German Covered Bonds
Book Subtitle: Overview and Risk Analysis of Pfandbriefe
Authors: Ralf Werner, Manuela Spangler
Series Title: SpringerBriefs in Finance
DOI: https://doi.org/10.1007/978-3-319-02553-7
Publisher: Springer Cham
eBook Packages: Business and Economics, Economics and Finance (R0)
Copyright Information: The Author(s) 2014
Softcover ISBN: 978-3-319-02552-0Published: 09 January 2014
eBook ISBN: 978-3-319-02553-7Published: 18 December 2013
Series ISSN: 2193-1720
Series E-ISSN: 2193-1739
Edition Number: 1
Number of Pages: IX, 82
Number of Illustrations: 30 b/w illustrations
Topics: Finance, general, Macroeconomics/Monetary Economics//Financial Economics, Quantitative Finance, Insurance, Actuarial Sciences