Public sector Pfandbrief.

The Pfandbrief is a covered bond. As a Pfandbriefbank, WL BANK also issues Public sector Pfandbriefe to refinance its business. WL BANK’s Public sector Pfandbriefe have held a top AAA rating from Standard & Poor's for years. 

Our current investment deals are available on Reuters under the access code "WL BANK 01", 02 or 03.

Cover Pool and German Pfandbrief Act. High Security.

These Public sector Pfandbriefe are covered by loans in a cover pool, consisting of government loans and mainly German municipal loans. They are included in the cover pool at 100%. 

An additional surplus cover ensures that the cover volume in the cover pool is always larger than the Pfandbrief volume. Public sector Pfandbriefe are very secure thanks to the cover pool and the provisions of the German Pfandbrief Act.

Structure of WL BANK’s Public sector Pfandbriefe.
 

Source: WL BANK

The Separation Principle.

The separation principles of Public sector Pfandbriefe provides additional security. In the event of a Pfandbrief bank’s insolvency, the cover assets in the cover pool are mainly used to satisfy the Pfandbrief creditors. The cover assets do not participate in the insolvency proceedings in respect of the bank’s assets.