Pfandbriefstelle is the funding-vehicle for the Austrian hypobanks and it signed its Euro-MTN programme in December 2000. It has proved to be a great success. Its investor base has grown and Pfandbriefstelle has leveraged its strengths - its triple-A rating and structure flexibility - to the maximum.

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The inaugural deal was launched in January 2001 and was followed by a jumbo euro-yen benchmark issue.

Vorarlberger´s treasury has also managed to establish Pfandbriefstelle as a frequent issuer for structured yen private placements.

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One dealer comments: "The operation is very efficient. They provide quick feedback and are happy to do complex structures and be flexible on trade increases".