Interview

Double interview about maturity extensions

While covered bonds with soft bullet structures have been established in many countries for years, a statutory maturity extension in Germany will be incorporated into the forthcoming amendment to the German Pfandbrief Act (Pfandbriefgesetz, PfandBG). The draft bill of the Federal Ministry of Finance contains detailed provisions on maturity extensions that transpose Art. 17 of the Covered Bond Directive. Franz Rudolf, Head of Financials Credit Research at UniCredit, and Sascha Kullig, a member of the vdp's Management Board, talk in a double interview about maturity extensions, a complex innovation in Pfandbrief legislation.