Deutsche Pfandbriefbank AG is a German bank that specialises in real estate and public sector financing. As of 2016, it is a constituent of the

SDAX The SDAX (German abbreviation for ''Small-Cap-deutsche Aktienindex'') is a stock market index composed of 70 small and medium-sized companies in Germany. These so-called ' small caps' rank directly below the MDAX (mid-cap) shares in terms of o ...

trading index of German small-cap companies. It is based in

Garching Garching bei München (''Garching near Munich'') or Garching is a town in Bavaria, Germany, near Munich. It is the home of several research institutes and university departments on its campus. It became a city on 14 September 1990. Location The ...

Bayern Bavaria ( ; ), officially the Free State of Bavaria (german: Freistaat Bayern, link=no ), is a state in the south-east of Germany. With an area of , Bavaria is the largest German state by land area, comprising roughly a fifth of the total lan ...

, a suburb of

Munich Munich ( ; german: München ; bar, Minga ) is the capital and most populous city of the States of Germany, German state of Bavaria. With a population of 1,558,395 inhabitants as of 31 July 2020, it is the List of cities in Germany by popu ...

Pfandbriefe 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 pub ...

is a German term for bonds issued in property financing. PBB was a part of

Hypo Real Estate The Hypo Real Estate Holding AG is a holding company based in Munich, Germany which comprises a number of real estate financing banks. The company's activities span three sectors of the real estate market: commercial property, infrastructure and ...

(HRE), which was nationalised by the German government during the

2008 financial crisis 8 (eight) is the natural number following 7 and preceding 9. In mathematics 8 is: * a composite number, its proper divisors being , , and . It is twice 4 or four times 2. * a power of two, being 2 (two cubed), and is the first number of t ...

. It was spun off in 2015, under EU rules on

state aid State aid in the European Union is the name given to a subsidy or any other aid provided by a government that distorts competitions. Under European Union competition law the term has a legal meaning, being any measure that demonstrates any of the ...

to banks. It was rated by

Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...

up to June 2015. In May 2018, the German state – through HRE – placed around 22 million shares in PBB with institutional investors for 12.95 euros apiece in an accelerated bookbuilding; the sale raised around 287 million euros ($339.7 million) and slashed its stake in PBB to 3.5 percent from 20 percent. German public sector trust RAG Foundation bought a 4.5 percent stake.Maria Sheahan and Matthias Inverardi (May 18, 2018)
Germany's RAG Foundation takes stake in property lender Pfandbriefbank
''

Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was estab ...

''.

References

External links

* (English)
Financial Times

Bloomberg
* Banks of Germany Companies listed on the Frankfurt Stock Exchange Companies based in Bavaria Banks under direct supervision of the European Central Bank Companies based in Upper Bavaria Munich (district) {{Germany-company-stub