German property lender PBB and the crisis-hit US market

Deutsche Pfandbriefbank (PBB), one of Germany's top property financiers dating back to the 1860s and bailed out by the government in 2009, is navigating what it calls "the greatest real estate crisis since the financial crisis". Its bonds have come under further pressure after PBB's rating was downgraded last week to a notch above "junk". Hypo Real Estate (HRE), a predecessor of Pfandbriefbank, enjoys a stint on Germany's DAX index of blue-chip stocks.