A pfandbrief is a type of debenture which is secured by long-term, secure debt instruments – primarily collateralized mortgages and government bonds.

They are similar in structure to covered bonds but are subject to strict regulations and use multiple levels of collateral to provide a high level of security to investors.

The pfandbrief is widely used as a long-term investment vehicle in Switzerland and Germany. It also serves as an underlying asset for bonds and derivatives issued around the world.

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