Statistical data on Pfandbriefe and other European Covered Bonds, be it those of the Deutsche Bundesbank, of Covered Bond analysts, or those of the ECBC, so far have centered on the primary market. Analyses on the secondary market in Covered bonds have in the past only dealt with spread developments. Yet the dynamic growth of the European Covered Bond market would suggest a vivid secondary market in these securities. However, so far there has been no data to back up this assumption. To close this gap, the vdp in 2006 conducted an enquiry among those investment banks active in the Covered Bond Market for the first time, asking them about their secondary market dealings.* The focus was on dealing volumes between banks as well as between banks and investors. Questions were also made as to the different media used in trading. Summaries of the most important findings can be found here: • Interbank Secondary Market Trading Volume
• Secondary Market Trading Media (Interbank) • Secondary Market Trading Volume (Investors)
• Secondary Market Trading Media (Investors) • Future Importance of Trading Media • Liquidity on the Jumbo Covered Bond Secondary Market (Market Maker's Estimation) • Share of Retail Customers
The vdp intends to repeat this enquiry on a regular basis in the future.
____________________ * The enquiry was conducted anonymously by the vdp and Allen & Overy. The vdp sent questionnaires to all investment banks active in the Covered Bond market known to it. The filled-in questionnaires were then sent to Allen & Overy, which passed the anonymised data on to the vdp. Of the 32 investment banks that received the questionnaire, 15 replied. Conclusions about the market volume were reached by clustering. | 
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