Germany: Technical Note on the Future of German Mortgage-Backed Covered Bond (PF and Brief) and Securitization Markets

December 23, 2011

Preview Citation

Format: Chicago

Germany: Technical Note on the Future of German Mortgage-Backed Covered Bond (PF and Brief) and Securitization Markets, (USA: International Monetary Fund, 2011) accessed November 21, 2024

Summary

As part of the 2011 Financial Sector Assessment Program (FSAP) update for Germany, this Technical Note reviews recent developments of mortgage-covered bond (Pfandbrief) and mortgage securitization markets in Germany, and explores future prospects for each against the background of ongoing regulatory changes. It examines the characteristics of the two markets and their performance through the crisis, and analyzes some of the policy reactions that are currently tending to favor covered bonds over securitization. Some of the systemic vulnerabilities associated with covered bonds are also discussed.

Subject: Banking, Covered bonds, Credit, Financial institutions, Financial services, Loans, Money, Mortgages, Securitization

Keywords: Capital market, Cover pool, Covered bond bond market, Covered bond bond rating, Covered bond investor, Covered bond issuance, Covered bonds, CR, Credit, Credit risk, Derivative counterparty, Europe, Global, ISCR, Loans, Mortgages, Private-label mortgage securitization market, Product holding, Reference asset portfolio, Securitization, Securitization market, Securitization product investor, Securitization products, Securitization transaction, Unsecured debt

Publication Details

Pages:

37
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/369
Stock No:

1DEUEA2011009
ISBN:

9781463928544
ISSN:

1934-7685

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