DZHYP2025-2026德国潘德布雷夫债券市场研究报告利差收窄提升投资吸引力英文版36页.pdfVIP

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THEGERMAN

PFANDBRIEFMARKET

2025|2026

SpreadcompressionmakesCurrentdevelopmentsinthecontext

pfandbriefemoreattractive

offallinginterestrates

dzhyp.dedzhyp.de

TheGermanPfandbriefMarket1

2025|2026

TABLEOFCONTENTS

2Preface

4Tradedisputesincreaseuncertainty

8Spreadsandyieldsofpfandbriefe

14Pfandbriefactenabledchancesinthemarket

24Sustainablepfandbriefe

28Eurocoveredbondoverview

29Imprint

34DZHYPLocations

2TheGermanPfandbriefMarket

2025|2026

PREFACE

TheEuropeanCentralBanklowereditskeyinterestratesby100basispointsinthefirsthalfof2025.

Thecycleofinterestratecutsislikelytocometoanendsoon.Atthesametime,Germaneconomic

growthisstagnatingforanotheryear.Internationaltariffdisputesandincreasedgeopoliticaluncertainty

arethrowingaspannerintheworksofinternationaltrade,whichishavingaparticularlysevereimpact

onGermany‘sheavilyexport-orientedeconomy.However,amoderaterecoveryisexpectedforthe

comingyear.

Againstthisbackdrop,themarketforresidentialpropertyinGermanyiscontinuingtorecoverslowly.

Realestatefinancingistherawmaterialfromwhichthecoverassetsofmortgagepfandbriefaremade.

MoreandmorebanksinGermanyareusingmortgagepfandbriefeasalow-costrefinancinginstrument.

Inaddition,therearepublicsectorpfandbriefe,whichuseclaimsagainstthepublicsectorascoverassets.

Theyhavelostimportancecomparedtomortgagepfandbriefeinrecentyears.Shippfandbriefeareonly

ama