Pfandbriefe roundtable - Part One
IFR: Why did Pfandbriefe contain its spreads so long after the market crisis? Fritz Engelhard, Barclays Capital: Firstly there is a strong domestic investor base. That has helped the Pfandbrief market a lot. Secondly, it's one of the most established products across the spectrum of covered bonds. And thirdly, it was experiencing shrinking supply, particularly at the jumbo level, while some of the other covered bond markets were seeing supply growing quite strongly. Olaf Pimper, Dresdner Bank: The first markets to be impacted were those with...