Deutsche Pfandbriefbank

Deutsche Pfandbriefbank, based near Munich, is a specialist lender for commercial real estate, financing offices, shopping centres and other large properties across Europe and the United States. That focus ties its fortunes directly to the health of a commercial-property market that has been under strain. The bank has traditionally paid a high dividend, but worries about its exposure to weak office markets, especially in the US, have weighed on the shares and cast doubt over the payout. The stock offers a high headline yield with elevated risk tied to the property cycle.