The majority of the long-term capital market funding has traditionally been senior unsecured bonds, followed by secured debt paper such as Pfandbriefe or asset- backed securities. There are regional differences between secured debt instruments: Pfandbriefe have enjoyed relatively high popularity for decades already, especially in Germany. In Anglo-American countries secured capital market funding has mainly taken the form of securitisations and asset-backed money market paper. As the image of securitisation suffered badly during the financial crisis, the appeal of Pfandbriefe could grow in these countries, too, in future: in the UK in 2011 the share of issuance of mortgage-backed securities could already.
