The real estate crisis of the past three years has changed the financing market. Insurance companies, pension funds and pension schemes have significantly reduced their commitments, Anke Johann and Marc Bohne, specialist lawyers at the law firm Goodwin report for Böersen-Zeitung. “Restructuring is a nightmare for bondholders,” says Bohne. Many investors have been burned by real estate bonds. They are understandably reluctant to make new investments. It is also easier for debtors in crisis to negotiate a restructuring with one or a few banks than with a large number of bondholders. The conclusion the Goodwin partner, who heads the firm's Frankfurt office, came to was “Bonds are having a hard time at the moment.” The lesson of the real estate financing crisis is that you need a good mix, says Johann, who specializes in advising borrowers. For issuers, bonds are much easier and faster than secured financing.