Germany 10-year Pfandbrief (covered bond) yield
Germany 10-year Pfandbrief (covered bond) yield stood at 3.88% on Oct 15, 2026, according to Deutsche Bundesbank. It is one of the indicators in the Bond yields and yield curves (daily) table (Value · Daily), with a complete series running from Jan 7, 2004 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Bond yields and yield curves (daily) table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | 02-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pfandbrief yield curve | |||||||||||
| Residualmaturity of 10.0 years | 3.88 | 3.93 | 3.92 | 3.94 | 3.95 | 3.99 | 3.98 | 3.95 | 3.97 | 3.98 | |
| Residualmaturity of 11.0 years | 3.91 | 3.96 | 3.95 | 3.97 | 3.98 | 4.02 | 4.01 | 3.98 | 4 | 4.01 |
Understanding germany 10-year Pfandbrief (covered bond) yield
Identifies the modeled secondary market return for German bank-issued covered bonds standing exactly ten years away from final maturity. As a standardized reference point derived from the broader Pfandbrief curve, this series focuses on long-term collateralized debt rather than the shorter lending horizons. The calculation encompasses securities fully backed by mortgage loans or public-sector claims, distinguishing itself from both general corporate bonds and direct government debt. By isolating the ten-year mark, this metric allows for direct comparison with the benchmark long-term sovereign yield, capturing the specific spread associated with long-term secured bank financing.
Analyzing this series through a period-on-period lens is appropriate for monitoring evolving market sentiment toward long-dated bank liabilities. The figures represent theoretical yields interpolated from the pricing of various outstanding covered bonds, meaning structural breaks can occasionally appear if the underlying mathematical estimation techniques are updated. Since liquidity in this specific segment of the market can fluctuate, the modeled yield may occasionally smooth out pricing anomalies seen in actual trading. Analysts comparing this series against uncollateralized long-term corporate bonds must account for the dual-recourse nature of the instruments, which significantly alters the risk profile and resulting yield.
Frequently asked questions
- Does this series reflect the cost of a new debt issuance?
- It measures implied secondary market yields from outstanding bonds, which acts as a reference for primary markets but does not equal the exact cost of new issuance.
- Are changes in the underlying property market visible in this yield?
- Shifts in the broader mortgage environment can influence the required yield, though the dual-recourse protection of the bonds insulates them from direct one-to-one correlation with property markets.
- How does the calculation handle days when no covered bonds of this maturity are traded?
- The mathematical model estimates the yield curve based on the entire spectrum of outstanding issues, generating a continuous figure regardless of daily trading volumes at that specific tenor.