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Pfandbrief
The Pfandbrief (plural: Pfandbriefe), a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act. Total volume outstanding in Pfandbriefe was EUR 806 billion as at end-2008.Deutsche Bundesbank Pfandbrief bonds make up the third largest segment of the German bond market after public sector bonds and unsecured bank debt. A survey of European Pfandbrief-like products was issued in 2005 by the Bank for International Settlements; the International Monetary Fund in 2007 issued a study of the covered bond markets in Germany and Spain, while the European Central Bank in 2003 issued a study of housing markets, addressing also mortgage markets and providing a two-page overview of current mortgage systems in the EU countries. History The roots of the German Pfandbrief system reach back to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Association Of German Pfandbrief Banks
The Association of German Pfandbrief Banks (), abbreviated vdp, is the interest group of German banks which issue a form of property-backed covered bond known as Pfandbrief. vdp member institutions are also engaged in ship and aircraft finance. The vdp takes the judicial form of an Eingetragener Verein An (; "registered association" or "incorporated association"), abbreviated (), is a legal status for a civil registration, registered voluntary association in Germany. While any group may be called a , registration as confers many legal bene ... (registered association). History The association was named ''Verband deutscher Hypothekenbanken'' () until July 2005. Organization The association represents 40 member institutions and it is one of the five members of the German Banking Industry Committee that is defining the standards of the German financing sector. The bond banks association runs a number of subsidiaries for specialized task such as the "vdp Research GmbH" (vd ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Covered Bond
Covered bonds are debt securities issued by a bank or mortgage institution and collateralised against a pool of assets that, in case of failure of the issuer, can cover claims at any point of time. They are subject to specific legislation to protect bond holders. Unlike asset-backed securities created in securitization, the covered bonds continue as obligations of the issuer; in essence, the investor has recourse against the issuer and the collateral, sometimes known as "dual recourse". Typically, covered bond assets remain on the issuer's consolidated balance sheet (usually with an appropriate capital charge). As of beginning of 2019 volume of outstanding covered bonds worldwide was euro 2,577 billion, while largest markets were Denmark (€406 bil.), Germany (€370 bil.), France (€321 bil.) and Spain (€232 bil.). History Covered bonds were created in Prussia in 1769 by Frederick The Great and in Denmark in 1795. Danish covered bond lending emerged after the Great Fire of C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law (legal system), civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "collateral (finance), secured" on the borrower's property through a process known as mortgage origination. This means that a Mortgage law, legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Legal professions in England and Wales, Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Bank Act
A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sweden
Sweden, formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic country by both area and population, and is the List of European countries by area, fifth-largest country in Europe. Its capital and largest city is Stockholm. Sweden has a population of 10.6 million, and a low population density of ; 88% of Swedes reside in urban areas. They are mostly in the central and southern half of the country. Sweden's urban areas together cover 1.5% of its land area. Sweden has a diverse Climate of Sweden, climate owing to the length of the country, which ranges from 55th parallel north, 55°N to 69th parallel north, 69°N. Sweden has been inhabited since Prehistoric Sweden, prehistoric times around 12,000 BC. The inhabitants emerged as the Geats () and Swedes (tribe), Swedes (), who formed part of the sea-faring peopl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Denmark
Denmark is a Nordic countries, Nordic country in Northern Europe. It is the metropole and most populous constituent of the Kingdom of Denmark,, . also known as the Danish Realm, a constitutionally unitary state that includes the Autonomous administrative division, autonomous territories of the Faroe Islands and Greenland in the north Atlantic Ocean.* * * Metropolitan Denmark, also called "continental Denmark" or "Denmark proper", consists of the northern Jutland peninsula and an archipelago of 406 islands. It is the southernmost of the Scandinavian countries, lying southwest of Sweden, south of Norway, and north of Germany, with which it shares a short border. Denmark proper is situated between the North Sea to the west and the Baltic Sea to the east.The island of Bornholm is offset to the east of the rest of the country, in the Baltic Sea. The Kingdom of Denmark, including the Faroe Islands and Greenland, has roughly List of islands of Denmark, 1,400 islands greater than in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Europe and the fourth-most populous European Union member state. Spanning across the majority of the Iberian Peninsula, its territory also includes the Canary Islands, in the Eastern Atlantic Ocean, the Balearic Islands, in the Western Mediterranean Sea, and the Autonomous communities of Spain#Autonomous cities, autonomous cities of Ceuta and Melilla, in mainland Africa. Peninsular Spain is bordered to the north by France, Andorra, and the Bay of Biscay; to the east and south by the Mediterranean Sea and Gibraltar; and to the west by Portugal and the Atlantic Ocean. Spain's capital and List of largest cities in Spain, largest city is Madrid, and other major List of metropolitan areas in Spain, urban areas include Barcelona, Valencia, Seville, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
France
France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlantic, North Atlantic, the French West Indies, and List of islands of France, many islands in Oceania and the Indian Ocean, giving it Exclusive economic zone of France, one of the largest discontiguous exclusive economic zones in the world. Metropolitan France shares borders with Belgium and Luxembourg to the north; Germany to the northeast; Switzerland to the east; Italy and Monaco to the southeast; Andorra and Spain to the south; and a maritime border with the United Kingdom to the northwest. Its metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean Sea to the English Channel and the North Sea. Its Regions of France, eighteen integral regions—five of which are overseas—span a combined area of and hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond Credit Rating
In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. The ratings are published by credit rating agencies and used by investment professionals to assess the likelihood the debt will be repaid. Credit rating agencies Credit rating is a highly concentrated industry with the "Big Three" credit rating agencies – Fitch Ratings, Moody's and Standard & Poor's (S&P) – controlling approximately 95% of the ratings business. Credit rating agencies registered as such with the SEC are " nationally recognized statistical rating organizations". The following firms are currently registered as NRSROs: A.M. Best Company, Inc.; DBRS Ltd.; Egan-Jones Rating Company; Fitch, Inc.; HR Ratings; Japan Credit Rating Agency; Kroll Bond Rating Agency; Moody's Investors Service, Inc.; Rating and Investment Information, Inc.; Morningstar Credit Ratings, LLC; and Standard & Poor's Ratings Services. Under the Credit Rating Agency Reform Act, an NR ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luxembourg
Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembourg City, is one of the four institutional seats of the European Union and hosts several EU institutions, notably the Court of Justice of the European Union, the highest judicial authority in the EU. As part of the Low Countries, Luxembourg has close historic, political, and cultural ties to Belgium and the Netherlands. Luxembourg's culture, people, and languages are greatly influenced by France and Germany: Luxembourgish, a Germanic language, is the only recognized national language of the Luxembourgish people and of the Grand Duchy of Luxembourg; French is the sole language for legislation; and both languages along with German are used for administrative matters. With an area of , Luxembourg is Europe's seventh-smallest count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
