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  • HRE's business model combining property finance with investment banking came unstuck in the financial crisis, forcing the lender -- considered crucial to the stability of the pfandbrief or covered bond market -- to turn to the government for more than 100 billion euros

    Reuters: Top News

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  • In Germany, a bond covered by a loan; the original of the covered bonds issued by some other countries. The word is used untranslated in English, with plural Pfandbriefe.

    From Pfand "pledge, pawn, security" + Brief "letter", or in a few combinations "certificate".

    Read all about it.

    February 14, 2009