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October 2018

Dear Reader,

Welcome to our new platform –!

The Pfandbrief has reached a venerable age, and we will be celebrating its 250th anniversary next year. Yet we still feel young enough to expand our presence in the digital world further, step by step.

The Pfandbrief banks and their association, the vdp, proudly present – the vdp’s digital successor to the vdp’s “Pfandbrief Fact Book”. In that annual publication, which first appeared in 1996, authors from investment companies, rating agencies, the supervisory sector, investor groups, issuers and their association published – for more than 20 years – almost 130 articles on market developments, current topics and recent trends. Small wonder, then, that the Fact Book quickly established itself as essential reading on the Pfandbrief market.

Given how we read nowadays, and to cater for a changing and faster-paced working environment, we have now decided to adapt the concept of the analogue Pfandbrief Fact Book to present-day reading needs and habits, while at the same time harnessing the advantages of digital communication.

Our objective is to create a vibrant platform that is focused on the most important market and issuer-related information and highlights the latest topics – compiled first-hand by professional market participants.

What exactly can you expect from

  • News and background information relevant to Europe’s benchmark covered bond
  • A platform with something for all the Pfandbrief community members who are interested in the product but are not necessarily involved in it every day
  • The latest key facts and figures on the main issuers
  • An “issuer tracker” to help seek out issuers by using certain filters
  • Brief interviews with buy-side representatives
  • Daily data on Pfandbrief yields and Pfandbrief benchmark issues (including ISINs)

As someone with a professional interest in the Pfandbrief, this is the place for you. Have a look around, browse through previous articles and contributions. And if you like what you see, recommend us to others.

We, for our part, are interested in your views. Please let us know if you have any comments, criticism or suggestions on what we might do better. You can reach us at

Wishing you informative and thought-provoking reading, I look forward to your feedback!


Dr. Louis Hagen
President of the Association of German Pfandbrief Banks (vdp) and Chairman of the Board of Management of Münchener Hypothekenbank

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