Deutsche Pfandbriefbank AG products, services and reviews

About Deutsche Pfandbriefbank AG

Deutsche Pfandbriefbank AG (pbb) is a German specialist lender focused on senior secured commercial real estate financing and public investment finance, headquartered in Garching near Munich and listed on the Frankfurt Stock Exchange. The bank originates mainly mortgage-backed loans to office, logistics, residential (multi-family), and retail properties across Germany and other European markets such as the Nordics, the Netherlands, France, the UK, and selected Central and Eastern European countries, alongside a smaller public sector portfolio financing municipalities and infrastructure. Funding relies primarily on Pfandbriefe (mortgage and public covered bonds), complemented by senior unsecured issuance and retail deposits gathered through its “pbb direkt” platform, providing a diversified liability structure. The business model emphasizes conservative loan-to-value structures and collateralization, but carries inherent concentration to commercial real estate cycles, interest rate sensitivity, and valuation risk—particularly in office markets where transaction volumes and prices have been under pressure. In 2023–2024 the bank increased risk provisions and reduced certain exposures, including U.S. office, while facing heightened scrutiny from rating agencies and investors amid broader sector stress; capital and liquidity ratios remained above regulatory minima according to recent disclosures. pbb issues Green Bonds and Green Pfandbriefe aligned to eligible energy-efficient assets. The shares have shown elevated volatility during periods of commercial real estate uncertainty, and the bank’s earnings and distribution capacity are sensitive to credit costs, refinancing conditions in covered and unsecured markets, and regulatory developments affecting European real estate lending and public sector finance.