ISO 20022 · Benchmark curve name
PFANPfandbriefe
Published definition
Pfandbriefe security is a collateralised bullet bond backed by either mortgage loans or loans to the public sector. Pfandbriefe differ from traditional asset-backed securities in significant ways. The most important difference is that Pfandbriefe carry no pre-payment risk since they remain on the balance sheet of the issuing institution. Therefore, their spreads over sovereign bonds are attributable to liquidity and credit quality alone. New indices have been created and existing indices have been modified in response to the growing importance of the Pfandbriefe market. The Deutsche Borse has three synthetic indices called REX, JEX, and PEX. The Pfandbriefe curve is used as a reference for credit as well as mortgage market.
Code set and usage
Benchmark curve name contains 43 registered codes. Its exact identifier is ExternalBenchmarkCurveName1Code.
Specifies the external benchmark curve name code in the format of character string with a maximum length of 4 characters. The list of valid codes is an external code list published separately. External code sets can be downloaded from www.iso20022.org.
Use the code with the applicable message version and implementation guide. A matching code value alone does not establish the same meaning in another set.