Deutsche Pfandbriefbank AG is a German bank that specialises in real estate and public sector financing. As of 2016, it is a constituent of the SDAX trading index of German small-cap companies. It is based in Garching in Bayern, a suburb of Munich. Pfandbriefe is a German term for bonds issued in property financing. PBB has been designated as a Significant Institution since the entry into force of the European Banking Supervision framework in late 2014, and as a consequence is directly supervised by the European Central Bank. Wikipedia