Business and Personal Finance Dictionary

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• PFANDBRIEFE
  
  German asset backed bonds, backed by private mortgages or public sector loans. The Association of German Mortgage Banks claims that for at least 100 years, through 1998, no investor who has held a Pfandbriefe issue to maturity has ever failed to receive full principal and interest. This claim suggests that some of the payments may not have been timely. Better late than never!
  
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