Also: mortgage-backed bond. Bond issued by central mortgage bond institutions in Switzerland and secured by property mortgages granted by the banks. The bondholders have a lien on the underlying assets enforceable against the mortgage bond institution. The German Pfandbrief is more tightly defined than the English term «mortgage-backed bond/mortgage bond» and may only be issued by mortgage banks, ship mortgage banks and a number of public sector issuers (central mortgage bank institutions). Also available in the form of public sector Pfandbriefe.