DZ HYP：2023-2024年德国抵押债券市场报告（英文版）

The fragile economic situation in many European countries persists. Inflation, higher interest rates, high commodity and energy prices are weighing on the economic outlook. New lending business of German pfandbrief banks declined significantly in the first half of 2023 compared to the same period last year, when peaks were reached. However, new business seems to be stabilising at the lower level. The interest rate turnaround heralded in 2022 dampened demand for real estate, the prices of which a