The Association of German Pfandbrief Banks (vdp) is as of today (Tuesday) ceasing to publish “vdp curves” that provided an overview of member banks’ refinancing levels in the primary market, citing burdensome supervisory requirements as the reason.

The vdp had been calculating and publishing these curves every trading day since 2003.

Another transparency initiative, the provision of secondary market spreads for Eu500m minimum and jumbo Pfandbriefe, which was launched in early 2012, is not affected and the vdp will continue to publish this information on its website.

The vdp said that it is ceasing publication of the “vdp Pfandbrief curves” due to “the excessive additional work for the banks which supply the data as a result of more stringent supervisory requirements”.

“As a logical response to accusations of manipulation in connection with various reference rates which are used as benchmarks, the supervisory requirements regarding data supplied by banks have been made stricter overall,” said the association. “Although the vdp curves do not constitute benchmarks within the meaning of the relevant EU rules that are expected, they are nevertheless also affected by them.”

The so-called vdp curves offered an overview of the association’s member banks’ funding conditions in the capital market for real estate and public sector loans eligible as Pfandbrief collateral.

“This rendered the individually agreed conditions more transparent for borrowers,” said the vdp. “Moreover, the curves also provided other market participants with an overview of Pfandbrief Banks’ funding costs and enabled them to assess the current yield levels of mortgage and public Pfandbriefe.”

The curves reflected average funding levels of vdp member banks for maturities from one to 10 years, and 12-15 years.

Historic data is still available on the vdp’s website and can be found here.