SpringerBriefs in Finance

German Covered Bonds

Overview and Risk Analysis of Pfandbriefe

Authors: Werner, Ralf, Spangler, Manuela

  • 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
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eBook $39.99
price for USA (gross)
  • ISBN 978-3-319-02553-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $54.99
price for USA
  • ISBN 978-3-319-02552-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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.

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.

Table of contents (1 chapters)

Buy this book

eBook $39.99
price for USA (gross)
  • ISBN 978-3-319-02553-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $54.99
price for USA
  • ISBN 978-3-319-02552-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
German Covered Bonds
Book Subtitle
Overview and Risk Analysis of Pfandbriefe
Authors
Series Title
SpringerBriefs in Finance
Copyright
2014
Publisher
Springer International Publishing
Copyright Holder
The Author(s)
eBook ISBN
978-3-319-02553-7
DOI
10.1007/978-3-319-02553-7
Softcover ISBN
978-3-319-02552-0
Series ISSN
2193-1720
Edition Number
1
Number of Pages
IX, 82
Number of Illustrations and Tables
30 b/w illustrations
Topics