Germany 11-year Pfandbrief (covered bond) yield
Germany 11-year Pfandbrief (covered bond) yield stood at 3.94% on Oct 16, 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 16, 2026. The complete series with an interactive chart, free to download.
This indicator in the Bond yields and yield curves (daily) table
| Indicator | 16-10-2026 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pfandbrief yield curve | |||||||||||
| Residualmaturity of 11.0 years | 3.94 | 3.91 | 3.96 | 3.95 | 3.97 | 3.98 | 4.02 | 4.01 | 3.98 | 4 | |
| Residualmaturity of 12.0 years | 3.96 | 3.94 | 3.99 | 3.98 | 4 | 4.01 | 4.04 | 4.03 | 4.01 | 4.02 |
Understanding germany 11-year Pfandbrief (covered bond) yield
Following the pricing environment for German asset-backed bank funding just beyond the primary long-term benchmark, this indicator maps the expected yield for a residual maturity of 11.0 years. The figures are generated by mathematically smoothing the secondary market trades of outstanding Pfandbriefe, which rely on segregated collateral pools to mitigate default risk. Positioned at the beginning of the ultra-long segment, this metric captures an extended duration premium while navigating the drop in market liquidity typically seen immediately after the major benchmark point. All unsecured financial debt and federal sovereign obligations are strictly excluded, ensuring the data reflects only highly regulated covered bond issuance.
Investors typically evaluate these unadjusted daily yields by focusing on structural trends over several months, as short-term movements often reflect temporary market imbalances rather than fundamental credit shifts. The curve-fitting methodology provides final daily estimates without backward-looking revisions, meaning users must independently contextualize brief volatility spikes. Year-on-year comparisons are highly effective for tracking the banking sector's ability to secure extended long-term capital, whereas daily readings can be misleading due to lighter trading volumes in this specific maturity bracket. Analysts must avoid comparing this yield directly to lower-rated corporate bonds without adjusting for the significant regulatory protections afforded by the dual-recourse structure.
Frequently asked questions
- What is meant by a dual-recourse structure?
- Investors have a claim against both the issuing financial institution and the specific, ring-fenced pool of collateral assets.
- Does this rate reflect the borrowing costs of the federal government?
- No, it exclusively measures the borrowing costs of specialized financial institutions issuing collateralized debt.
- Why might liquidity drop for this maturity?
- Institutional investment mandates frequently concentrate on standard benchmark durations, leading to lower secondary market trading volumes in off-the-run maturities.