A Pfandbrief is a covered bond issued under German Pfandbrief legislation. The main feature of covered bonds is their dual protection mechanism with full recourse to the issuer and, in case of issuer insolvency, a preferential claim on a dedicated set of assets, the cover pool. Covered bonds provide the issuer with cost-efficient long-term funding, mostly for mortgage and public-sector loans.


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© Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Institute of Mathematics, Business MathematicsUniversity of AugsburgAugsburgGermany

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