IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Konstruktion einer Anleihe mit hypothekarischer Besicherung

Listed author(s):
  • Alram, Johannes
Registered author(s):

    This work describes the legal structuring of a mortgage covered bond in accordance with the regulations of paragraphs 791 cont. and 1184 cont. German Civil Code (Bürgerliches Gesetzbuch). The work shows how to structure the share of common rights of the bond holders according to the regulations of the German Statue Governing Common Rights of Owners of Debt Securities (Schuldverschreibungsgesetz). Furthermore, the work describes how the bond creditors shall have preferences of the mortgages in case of default of the bond and how mortgages shall be limited through lending limit in relation to the market value decline of the real estate building. The market value determination will follow the regulations of paragraph 192 cont. German Building Act (Baugesetzbuch) in connection to the German Value Determining Regulations (Wertermittlungsverordnung). The legal aspects are embodied and tightened in the bond terms which are included in the work. The paper also points out which minimum information of the mortgage covered bond in a prospectus is required. The Federal Financial Supervisory Authority (Bundesaufsichtsamt für Finanzdienstleistungen) scrutinises the prospectus for admission to public offering according to the regulations of the German securities prospectus act (Wertpapierprospektgesetz). Finally, the usability of a recovery rating which measures the probability of default of the mortgages is discussed in the paper.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 113.

    in new window

    Date of creation: 2009
    Handle: RePEc:zbw:fsfmwp:113
    Contact details of provider: Postal:
    Sonnemannstraße 9-11, 60314 Frankfurt am Main

    Phone: 069 154008-0
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:zbw:fsfmwp:113. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.