DePfa, the German bank that raises most of its funds in the covered bonds market, has restructured itself in an effort to keep its coveted triple-A covered bonds rating.

DePfa is one of the biggest issuers of Pfandbriefe, or bonds backed by public sector loans. It needs a triple-A covered bonds rating to keep its funding costs as low as possible and its public Pfandbriefe are rated triple-A by the three main rating agencies.