Greater transparency on the secondary market for Pfandbriefe

vdp adds average spreads of benchmark issues to its publishing schedule

The Association of German Pfandbrief Banks (vdp) extends the range of information it makes available for Pfandbrief investors. As from today, the average spreads for Pfandbrief issues with a volume of at least 500 million Euros (benchmark issues) will be published on the vdp’s website every trading day. In so doing, the vdp is recognizing the growing significance of this market segment. Up to now, such data have only been published for so-called Jumbo Pfandbriefe, which have a minimum volume of 1 billion Euros. Coinciding with the inclusion of benchmark issues, the residual maturity limit for the Pfandbriefe to be published has been lowered from two years to one year. This means that the Association now publishes the average spreads of more than 100 Pfandbriefe, thereby accommodating investors’ need for greater transparency.

As in the past, the data will be presented in tabular and chart form, and will be updated every trading day from 18.15 CET onwards. Users will be able to have the data displayed according to various categories and download them as an Excel file. A point cloud grants investors quick access to information on each Pfandbrief and allows them to compare issues of individual issuers.

The published spreads are average mid-asset-swap spreads versus six-month Euribor, which is to say the yield gap separating each individual Pfandbrief and this benchmark. The indicative spreads are reported every trading day by currently 15 banks which actively trade in Pfandbriefe, and which are among the biggest Pfandbrief underwriting banks in the market. A statistical procedure and a Quality Assurance Committee ensure that the published average spreads reflect market conditions.

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Dr. Helga Bender
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Phone +49 30 20915-330
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Yvonne Sternkopf
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Christian Walburg
Manager Investor Relations 
Phone +49 30 20915-340
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