Host Tom Schopflocher talks to credit analyst Casper Andersen about the current state of German covered bonds, or Pfandbriefe. Germany has the second-largest covered bond market and the largest euro benchmark market, with outstanding issuances totaling €355 billion in 2020. German covered bonds should be able to withstand the challenges created by COVID-19, and despite little room for change, new green and social German covered bonds are spurring investor interest.