Covered Bonds

Bearer Format
Pfandbriefe in bearer format are bonds covered by public sector or mortgage assets (see below under security). Helaba issues plain vanilla und structured Pfandbriefe in bearer format though the basis prospectus as well as through the EMTN Programme (see Debt Issuance Programmes).

Registered Format
Registered Pfandbriefe (“Namenspfandbriefe”) are made out to the name of the investor and transferred through reassignment. With registered Pfandbriefe Helaba offers tailor made solutions to customer enquiries, especially for structured products. 

Security 
Pfandbriefe are public sector and mortgage covered securities for which municipal and mortgage loans respectively serve as collateral. The management of Helaba’s collateral registers is consistent with the guidelines as laid down in the Pfandbrief Act (“Pfandbriefgesetzes – PfandBG”) from 19 July 2005. Pfandbriefe issued under previous legislation governing Pfandbriefe and related securities of public sector credit institutions ("Gesetz über die Pfandbriefe und verwandten Schuldverschreibungen öffentlich-rechtlicher Kreditanstalten - ÖPG") have been adapted to the more stringent requirements of the Pfandbrief Act, e.g. collateral register trusteeship. Additionally, Pfandbriefe issued before 19 July 2005 are covered in their entirety by the guarantor obligation (“» Gewährträgerhaftung“).

Pfandbrief Rating – Recognition of exceptional credit-worthiness
The high standards of security are mirrored in the specifically accredited » Pfandbrief ratings, which are awarded complement to Helaba’s own ratings.

Special Features
All of Helaba’s Pfandbriefe qualify as “gilt-edged securities” as defined in § 1807 of the German Civil Code (“mündelsicher gemäß § 1807 BGB”) and also qualify as “collateral” pursuant to § 54 of the German insurance supervisory law (“gemäß § 54 Abs. 3 VAG i.V.m. § 2 Abs. 1 Nr. 6 der AnlV”).

In addition, Helaba Pfandbriefe are normally listed on the Frankfurt Stock Exchange and as such qualify as Category 3 Eligible Assets for the European Central Bank.