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

International Monetary Fund

No 2011/369, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; securitization market; covered bond investor; securitization transaction; unsecured debt; covered bond bond rating; securitization product investor; securitization products; capital market; reference asset portfolio; credit risk; cover pool; product holding; private-label mortgage securitization market; covered bond bond market; derivative counterparty; covered bond issuance; Covered bonds; Securitization; Loans; Mortgages; Credit; Europe; Global (search for similar items in EconPapers)
Pages: 37
Date: 2011-12-23
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