Key Takeaways
- Year-to-date German benchmark covered bond issuance is lower compared to the same period in 2023 but remained buoyant with €26 billion issued by the beginning of September.
- German households' debt servicing risks remain below historical figures despite sharply rising interest rates, which have cooled the housing market.
- There are initial signs of a stabilization of house and commercial real estate (CRE) prices as policy rates fall.
- Foreclosures on immobile real estate in Germany have increased in 2023 but remain below historical figures.
In its Covered Bond Market Insights report, S&P Global Ratings presents the local covered bond market, explains how the relevant legal framework works, provides an overview on the local mortgage market, compares key characteristics of the existing programs, and presents the results of a scenario analysis.
Market Overview – Year-To-Date Volumes Exceed €26 Billion, But Are Below 2022 And 2023 Volumes
Benchmark German covered bond issuance for the year to date was down 16% as of Sept. 5, 2024, from the equivalent period in 2023, which together with 2022 were record years. A substantial share of year-to-date issuance occurred in the first quarter of 2024 as the factors driving strong issuance supply continued into early 2024. This includes banks' repayment of their earlier borrowings under the European Central Bank (ECB)'s targeted longer-term refinancing operation; subdued deposit growth; and the ongoing widening of covered bond spreads early in 2024.
Issuance slowed substantially in the second quarter and into the third quarter of 2024. We expect subdued activity for the rest of 2024 on the back of weakening supportive trends. Volumes are exposed to geopolitical risks and issuers may decide to wait for the result of the upcoming U.S. elections.
Chart 1
Chart 2
Higher interest rate levels limit household affordability
With the ECB's monetary policy pivot in 2022, the booming German real estate market has come to a sudden end. Residential house prices in Germany have fallen by 24% in real terms. Although residential real estate lending showed some signs of recovery in 2024, volumes remain subdued compared to pre-2022 reflecting higher interest rates limiting household affordability. In fact, the Association of German Pfandbrief Banks(vdp) recently published the second quarter 2024 loan commitments. Between April and June 2024, its member banks committed to new residential and CRE loans totaling €31.2 billion, a 15.6% year-on-year increase (€27.0 billion in the second quarter of 2023). Residential loan commitments sharply increased by more than 33% to €20.1 billion from €15.1 billion. These numbers are still lower than in 2021 and 2022. This demonstrates that lending activity is on the rise, supported by the recent decrease in interest rates.
Given the structurally conservative underwriting standards in Germany, we expect nonperforming loans in domestic residential mortgage lending to remain very low. German mortgage rates are usually fixed for 10-15 years and lenders typically demand 20%-30% equity, therefore the current interest rate environment has not directly affected current mortgage owners' debt servicing capacities (see chart 4).
Chart 3
Chart 4
German CRE remains in the spotlight
German banks have a relatively higher exposure to CRE. The sector's nominal prices have fallen by 18% since the early 2022 peak, especially for offices outside of prime locations and those with poorer energy efficiency. However, there are first signs of a stabilization of CRE prices as policy rates fall and investor activity might return slowly (see chart 5).
CRE exposure in German covered bond programs mainly comprises multifamily, office, and retail assets, but not all cover pool characteristics are the same. Based on publicly available information, German issuers seem to be most at risk from a severe correction in CRE prices. Some notable German issuers have experienced serious stress related to covered bond refinancing, mainly stemming from monoline issuers focusing on CRE assets with exposure to the U.S. market.
Despite the comparably large exposure to CRE, differences in foreign CRE exposure, and overcollateralization levels, the main German issuers continue to benefit from relatively low loan-to-value (LTV) ratios, resulting in stable funding rates. According to vdp, CRE assets--including retail and office--have increased by 3%, and multifamily housing by 7.6% from 2023 to 2024 (see "European Covered Bonds Resist Commercial Real Estate Jitters" published on Aug. 27, 2024).
Chart 5
German CRE's scenario analysis
We tested different European covered bond programs from our rated universe, including Germany, with a CRE exposure above 40% including multifamily housing. We assumed different stresses, including for the office and retail segment a 10% higher market value decline (MVD) (compared to the 75% MVD in our criteria), higher refinancing costs, and an overall higher recovery time.
We concluded that under these stress scenarios our rated cover pools remain resilient, although a significantly longer recovery period could lead to higher overcollateralization commensurate with the covered bond rating for some issuers with shorter maturity profiles (see "European Covered Bonds Resist Commercial Real Estate Jitters" published on Aug. 27, 2024).
N-bonds a German specialty
Since peaking in 2014, the traditionally smaller segment of the market--the "Namenspfandbriefe" (N-bonds)--has reduced as a percentage of the total market. An N-bond is a covered bond or debt security, which, unlike a typical Pfandbrief or security, is unregistered. No records are kept of the owner or transactions involving ownership. The liquidity of such bonds is generally considered lower than a typical Pfandbrief, and investors have traditionally been buy-to-hold investors, such as life insurance companies. N-bonds have also proven particularly popular for public sector funding. The outstanding volume of public sector N-Bonds is declining, the volume of outstanding mortgage N-Bonds is increasing, which leads to a lower percentage of overall outstanding mortgage covered bonds. Although the normalization of interest rates has supported issuance, we think that the full curve will need to normalize to facilitate further issuance (see chart 6).
Chart 6
Sustainable Covered Bonds
Germany-based banks are very active in green covered bond issuance with year-to-date benchmark issuances of €4 billion. Though 2024 issuance volumes are below the record years of 2023 with a total of €6.75 billion and 2022 with a total of €8.9 billion, investor demand has remained strong.
In July 2024, the vdp published an enhancement of the minimum standards for Green Mortgage Pfandbriefe and Green Public Pfandbriefe. The amendments will come into force from Jan. 1, 2025. Important changes are concerning the criteria for eligible assets for Green Mortgage Pfandbriefe:
- For newly constructed properties, the property will have to have a primary energy requirement of at least 10% below the national standard for nearly zero energy buildings.
- When financing existing residential properties, the property will need to fulfill all the requirements for the energy efficiency class A. Energy efficiency class B or better has been sufficient so far.
- When financing existing commercial properties there is the requirement for the energy efficiency class A.
Blockchain--The Pfandbrief Embraces Innovation
In August 2024, Berlin Hyp became the first institute that has issued a Blockchain Covered Bond.
On Aug. 2, 2024, Berlin Hyp issued a €100 million covered bond based on the German Electronic Securities Act and blockchain technology. Berlin Hyp plays an active role in furthering the development of the crypto securities market.
The covered bond issuance is executed on a private and permissioned blockchain from SWIAT GmbH. Frankfurt-based SWIAT develops software for financial market infrastructures.
However, due to current legislation (eWpG) the Blockchain Pfandbrief is not ECB-eligible, therefore N-bonds may be more preferrable for blockchain covered bond issuances for now. The advantage of a digital issued compared with a traditional issued covered bond is still that transactions can be executed on the blockchain in real time, which also leads to some cost efficiency as costs for interim funding, paper documents, and manual processes are eliminated. We expect that other banks will follow suit.
Legal Framework
The German Covered Bond Act (Pfandbriefgesetz; "PfandBG") and the relevant secondary legislation provide the legal framework to issue German covered bonds. The PfandBG came into force in 2005 and has been amended several times.
In May 2021, Germany's Bundesrat approved amendments to the PfandBG, implementing the EU's Covered Bonds Directive effective since July 8, 2022. Cover pools are primarily secured by German residential and commercial mortgages and to a lesser extent public sector loans (approximately one third of the volume outstanding).
Chart 7
Mortgage Market Overview: Modest Growth As Rates Fall
After a slightly negative GDP growth in 2023 of -0.1%, we forecast that the German economy will expand by 0.2% in 2024 (well below our forecast for the eurozone) and by 1.1% in 2025. Energy remains comparatively expensive in Germany, which is relevant given its industrial sector importance. Additionally, Germany's export-oriented economy remains more exposed to geopolitical risks.
Domestic credit relative to GDP is expected to increase modestly as corporates' and households' demand cooled on the back of higher interest rates and a modest economic outlook. However, Germany's private sector has entered the period from a strong position after years of improving financial metrics from solid economic growth.
We forecast inflation to recede gradually to 2.2% in 2025 from 2.7% in 2024 and to reach the 2.0% inflation rate that the ECB targets in 2026.
Though the unemployment rate is expected to rise to 3.4% in 2024 from 2023's all-time low of 3.0%, we expect it to revert to the 3.1%-3.3% range from 2025 onward.
Table 1
| Economic indicators | ||||||||
|---|---|---|---|---|---|---|---|---|
| Year | Real GDP growth (%) | Unemployment rate (%) | Nominal house prices (%) | |||||
| 2022 | 1.4 | 3.1 | (3.6) | |||||
| 2023 | -0.1 | 3 | (7.1) | |||||
| 2024f | 0.2 | 3.4 | (0.3) | |||||
| 2025f | 1.1 | 3.3 | 0.5 | |||||
| 2026f | 1.3 | 3.1 | 2.0 | |||||
| 2027f | 1.1 | 3.1 | 2.0 | |||||
| f--Forecast. Source: S&P Global Ratings. | ||||||||
Chart 8
The property market could be entering a post-correction area
The rapid increase in interest rates has halted Germany's real estate market, with residential house prices falling by 7.1% in 2023 in nominal terms. We forecast house prices to fall by 0.3% in 2024, before rising by 0.5% in 2025 and 2.0% thereafter.
Overall, we expect the peak-to-trough decline of German residential house prices to be about 11% in nominal terms. German real estate prices in 2023 declined more than we forecast. This was despite the low share of variable-rate financing, a large population influx, the very tight labor market, and because of significant overvaluations during the pandemic (see "European Housing Markets: Better Days Ahead", published on July 17, 2024).
Foreclosures on immobile real estate decreased from 2007 until 2021 (see chart 9). The reasons for this trend included a longer period of solid economic growth and the continuous decrease of interest rates (refixing mortgages).
Although the interest rates picked-up rapidly from the beginning of 2022 and peaked in 2023, we only saw a slight increase in foreclosures from 2022 to 2023. There is some time lag since borrowers need to refinance their properties in the next months, which could mean that we might see some higher numbers in 2024. However, interest rates have already started to fall, which should support homeowners when refixing their existing mortgage loans.
Chart 9
Chart 10
Features Of German Covered Bond Programs
German covered bond legislation provides for dynamic cover pool management. This may affect the asset composition, the geographical focus of the assets, and the level of overcollateralization above the legal minimum, while issuers may utilize covered bonds more or less depending on their funding needs. Table 2 depicts the development of the top 10 issuers in Germany's covered bond market. It shows the evolution of outstanding bonds as the market has moved from covered bonds backed by public sector assets to mortgage assets. Moreover, the changes reflect consolidation in the market, with several mergers taking place since 2011.
Table 2
| Comparison of top 10 issuers (Mil. €) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Q2 2024 | As of Q2 2023 | As of Q2 2021 | As of Q3 2018 | As of Q4 2011 | ||||||||||||||||
| Munchner Hypo Hypf | 35,361.10 | DZ HYP Hypf | 33,694.0 | DZ HYP Hypf | 33,630.7 | DZ HYP Hypf (prev. DG/WL Hyp Hypf) | 28,390.4 | LBBW Oepf | 40,656.0 | |||||||||||
| DZ Hyp Hypf | 35,170.90 | Munchner Hypo Hypf | 33,461.0 | Munchner Hypo Hypf | 30,036.9 | Munchner Hypo Hypf | 23,159.2 | Hypothekenbank Frankfurt Hypf | 38,919.2 | |||||||||||
| Commerzbank Hypf | 30,631.20 | Commerzbank Hypf | 29,558.0 | HELABA Oepf | 28,721.9 | Commerzbank Hypf | 20,148.2 | Deutsche Pfandbriefbank Oepf | 33,742.4 | |||||||||||
| Unicredit Bank AG Hypf | 26,778.60 | Unicredit Bank AG Hypf | 26,270.0 | Unicredit Bank AG Hypf | 22,127.3 | Unicredit Bank AG Hypf | 18,249.2 | Dexia Kommunal Bank Oepf | 32,746.0 | |||||||||||
| HELABA Oepf | 18,815.80 | HELABA Oepf | 22,081.0 | Commerzbank Hypf | 21,872.7 | Bayern LB Oepf | 17,752.0 | Hypothekenbank Frankfurt Oepf | 32,396.8 | |||||||||||
| Berlin Hyp Hypf | 17,935.2 | Berlin Hyp Hypf | 17,453.0 | Bayern LB Oepf | 18,998.4 | Deutsche Pfandbriefbank Hypf | 16,066.0 | Bayern LB Oepf | 29,670.0 | |||||||||||
| Deutsche Pfandbriefbank Hypf | 15,233.0 | Bayern LB Oepf | 15,345.0 | Berlin Hyp Hypf | 16,368.7 | Nord LB Oepf | 15,921.3 | Unicredit Bank AG Hypf | 25,431.5 | |||||||||||
| Aareal Bank Hypf | 14,610.5 | Deutsche Pfandbriefbank Hypf | 15,120.0 | Deutsche Pfandbriefbank Hypf | 16,295.0 | DZ HYP Oepf (prev. DG Hyp Oepf) | 15,890.5 | DG Hyp Oepf | 23,379.9 | |||||||||||
| LBBW Hypf | 13,979.1 | Deutsche Bank AG Hypf | 13,625.0 | DZ HYP Oepf | 12,332.1 | HELABA Oepf | 15,020.5 | Nord LB Oepf | 19,811.0 | |||||||||||
| Bayern LB Oepf | 13,629.4 | Aareal Bank Hypf | 13,389.0 | Commerzbank Oepf | 12,172.9 | Berlin Hyp Hypf | 13,892.7 | WL Bank Oepf | 19,788.6 | |||||||||||
| Total | 222,144.8 | Total | 219,996.0 | Total | 212,556.6 | 184,490.0 | 296,541.4 | |||||||||||||
| Hypf--Mortgage. Oepf--Public sector. Q--Quarter. | ||||||||||||||||||||
Chart 11
Cover Pool Loans
Residential mortgage loans
Most German residential mortgage loans have a fixed interest rate for 10 to 20 years. The borrower typically pays regular installments and decides whether to make additional down payments on the loan (Sondertilgung). Full prepayment before maturity requires the borrower to compensate the issuer. Installments are the same amount throughout the repayment period, and the interest portion is therefore high in the beginning, while repayment increases over the life of the loan. Not all loans are repaid in full at maturity, and such loans would need refinancing before maturity.
Building society loans (Bausparvertrag)
Since 2016, building societies (Bausparkassen) can issue covered bonds. The typical Bausparkassen product consists of an annuity loan linked to a building society savings program funding residential mortgages. Installments paid into the program are used to pay off the mortgage at a later stage. The popularity of building society loans increased rapidly from the late 1970s until the mid-1990s because they guaranteed high interest rates on savings and security. However, the previous low interest rate environment has reduced demand for new contracts.
CRE loans
Commercial properties eligible for German cover pools vary, but consist mainly of office space, retail facilities, and, to a lesser extent, industrial space. The largest segment is often multifamily housing, which, from a regulatory standpoint, is not considered CRE exposure. Mortgage loans are normally variable-rate linked to the euro interbank offered rate (EURIBOR) and have shorter maturities and interest-only characteristics. The total percentage of CRE remained at about 38% and multifamily housing at 21% over the last year (see chart 11). The percentage of collateral secured by all property types in Germany now makes up almost 82% on average.
Public sector loans
Public sector loans are relatively diverse, ranging from loans to German local and regional governments, public utility companies, export credit agencies, and supranational organizations. However, local and regional government debt has decreased, and banks have struggled to find other assets with attractive margins for covered bond funding.
Comparison Of German Covered Bond Programs
Given the changing utilization of covered bonds and the cover pools' risk composition, overcollateralization levels have fluctuated. Generally, available overcollateralization has been high, but there are notable differences in 2024, with average available overcollateralization increasing compared to 2023 (see chart 12). This is because some programs' covered bonds were redeemed, while the asset balance increased or reduced proportionally less than the redeemed covered bonds.
Chart 12
The majority of German covered bond issuers continue to include a higher share of German assets in their cover pools (see chart 13B). For 25 out of our observed 38 issuers (some issuers have both mortgage as well as public sector covered bonds outstanding) the share of German collateral in the cover pools is below or equal to 80%. However, we observe issuers with the lowest share of German collateral are now closer to their all-time low, or are below it. We perform our collateral support analysis using the respective criteria for the underlying asset type, while our resolution regime and jurisdictional support analysis reflects the issuer's jurisdiction.
The share of commercial assets varies significantly across issuers but on average remains stable at 40% overall in 2024 (see chart 13A). This shows that German issuers are continuing their support in the current turmoil on CRE mortgages. The current share of commercial mortgages in nearly all programs is lower than its highest level in the observed period. Only a few issuers have increased their exposure to CRE assets compared to 2023. Despite the comparably large exposure to CRE, differences in foreign CRE exposure, and overcollateralization levels, the main German issuers benefit from relatively low LTV ratios, resulting in stable funding rates.
Chart 13A
Chart 13B
Chart 14
Ratings Outlook: Unused Notches Mitigate Bank Downgrade Risk
The German covered bonds that we rate are issued by highly rated issuers, which are the first recourse for bondholders. These allow most of our rated issuers' covered bonds to reach the 'AAA' rating based on jurisdictional support alone.
As a result, the majority of our rated German covered bond programs benefit from multiple unused notches of ratings uplift, which protect the ratings on the covered bonds if the issuer is downgraded.
Table 3
| German covered bond programs --Key characteristics | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| German mortgage covered bond programs | Long-term issuer credit rating | Covered bond rating | Outstanding covered bonds (mil. €)* | Maturity profile | Collateral type* | Link to surveillance report | Link to transaction update | Outstanding assets (mil. €)* | No. of loans* | WA LTV (%)* | WA seasoning (months)* | Interest rate type* | Repayment type* | WAFF (%) | WALS (%) | Available credit enhancement (%) | Target credit enhancement (%) | 'AAA' credit risk (%) | OC consistent with the current rating (%) | Unused notches | ||||||||||||||||||||||
| Program | ||||||||||||||||||||||||||||||||||||||||||
| Wuestenrot Bausparkasse AG | A-/Stable/A-1 | AAA/Stable/-- | 3,461.1 | Hard bullet, extendable by up to 12 months subject to certain conditions | 87.5% residential, 2.4% commercial, 10.1% substitute assets | 4,350.21 | 34,132 | 50.21 | 82.70 | 99.3% fixed, 0.7% floating | 46.5% amortizing, 53.5% bullet/IO | 22.09 | 23.37 | 22.65 | 19.80 | 15.77 | 16.78 | 3 | ||||||||||||||||||||||||
| DZ HYP AG - Mortgage Sector Program | A+/Stable/A-1 | AAA/Stable/A-1+ | 35,170.9 | Hard bullet, extendable by up to 12 months subject to certain conditions | 57.0% residential, 40.3% commercial, 2.7% substitute assets | 41,274.47 | 111,689 | 51.21 | 66.00 | 89.6% fixed, 10.4% floating | 73.5% amortizing, 26.5% bullet/IO | 19.75 | 29.25 | 17.35 | 6.57 | 6.57 | 6.57 | 4 | ||||||||||||||||||||||||
| Deutsche Apotheker-und Aerztebank eG | A+/Stable/A-1 | AAA/Stable/-- | 4,206.6 | Hard bullet, extendable by up to 12 months subject to certain conditions | 76.8% residential, 17.5% commercial, 5.7% substitute assets | 8,374.78 | 72,615 | 54.40 | 76.30 | 93.5% fixed, 6.5% floating | 71.6% amortizing, 28.4% bullet/IO | 27.07 | 33.97 | 100.28 | 8.16 | 8.16 | 8.16 | 4 | ||||||||||||||||||||||||
| Evangelische Bank eG | A+/Stable/A-1 | AAA/Stable/-- | 112.0 | Hard bullet, extendable by up to 12 months subject to certain conditions | 90.6% commercial, 9.4% substitute assets | N/A | 235.00 | 139 | 45.15 | 82.66 | 98.2% fixed, 1.8% floating | 98.6% amortizing, 0.72% bullet/IO | 100.00 | 45.04 | 270.44 | 264.33 | 86.65 | 86.65 | 4 | |||||||||||||||||||||||
| German public sector covered bond programs | Long-term issuer credit rating | Covered bond rating | Outstanding covered bonds (mil. €)* | Program type | Collateral type* | Link to surveillance report | Link to transaction update | Outstanding assets (mil. €)* | Public sector assets (%)* | Scenario default rate (%)/scenario loss rate (%) | Weighted-average cover pool rating | Available credit enhancement (%) | Target credit enhancement (%) | 'AAA' credit risk (%) | OC consistent with the current rating (%) | Unused notches | ||||||||||||||||||||||||||
| Program | ||||||||||||||||||||||||||||||||||||||||||
| DZ Hyp - Public Sector Covered Bond program | A+/Stable/A-1 | AAA/Stable/-- | 8,981.7 | Hard bullet, extendable by up to 12 months subject to certain conditions | 100% public sector | 11,490.76 | 100 | 17.66 | A | 27.93 | 7.33 | 5.76 | 5.76 | 4 | ||||||||||||||||||||||||||||
| NRW Bank | AA/Stable/A-1+ | AAA/Stable/-- | 1,469.2 | Hard bullet | 100% public sector | N/A | 2,161.77 | 100 | 66.10 | BB- | 47.04 | 83.20 | 22.14 | 22.14 | 1 | |||||||||||||||||||||||||||
| DZ BANK AG Deutsche Zentral-Genossenschaftsbank | A+/Stable/A-1 | AA+/Stable/A-1+ | 13,026.5 | Hard bullet, extendable by up to 12 months subject to certain conditions | 0.01% mortgages, 7.8% public sector, 0.9% substitute assets, 91.3% other | N/A | 33,617.60 | 8 | N/A | N/A | 163.65 | WH | WH | 2.77 | 2 | |||||||||||||||||||||||||||
| Note: This table can be expanded on www.capitaliq.com to view all of the data presented in tables 2, 5, and 6, in one combined table. The data can also be exported to Microsoft Excel. *Except for Evangelische Bank, NRW Bank and DZ Bank, as reported by the issuer in the June 2024 HTT report. WA--Weighted-average. LTV--Loan-to-value. WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. N/A--Not applicable. WH--Withheld at the issuer's request. OC--Overcollateralization. | ||||||||||||||||||||||||||||||||||||||||||
The most recent related transaction updates can be found on the "Global Covered Bond Insights Q3 2024" interactive deck under "Country Focus/Germany".
Transaction Updates/New Issue Reports
- NRW.BANK Public Sector Covered Bond Program, Sept. 6, 2024
- Deutsche Apotheker- und Aerztebank eG Mortgage Covered Bond Program, July 24, 2024
- Wuestenrot Bausparkasse AG (Mortgage Covered Bond Program),March 6, 2024
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Feb. 6, 2024
- DZ HYP AG (Mortgage Covered Bond Program), Feb. 22, 2024
- DZ HYP AG (Public Sector Covered Bond Program), March 6, 2024
- Evangelische Bank eG Mortgage Covered Bond Program, Jan. 9, 2024
Related Criteria
- Global Methodology And Assumptions: Assessing Pools Of Residential Loans--Europe Supplement, April 4, 2024
- Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- Global Methodology And Assumptions: Assessing Pools Of Residential Loans, Jan. 25, 2019
- Covered Bond Ratings Framework: Methodology and Assumptions, June 30, 2015
- Methodology And Assumptions: Analyzing European Commercial Real Estate Collateral In European Covered Bonds, March 31, 2015
- Covered Bonds Criteria, Dec. 9, 2014
- Methodology And Assumptions For Assessing Portfolios Of International Public Sector And Other Debt Obligations Backing Covered Bonds And Structured Finance Securities, Dec. 9, 2014
Related Research
- Economic Outlook Eurozone Q4 2024: Consumer Spending To The Rescue, Sept. 24, 2024
- Global Covered Bond Insights Q4 2024: On Course For A Strong Year, Sept. 18, 2024
- European Covered Bonds Resist Commercial Real Estate Jitters, Aug. 27, 2024
- Banking Industry Country Risk Assessment: Germany, Aug. 7, 2024
- Economic Research: European Housing Markets: Better Days Ahead, July 17, 2024
- Economic Outlook Eurozone Q3 2024: Growth Returns, Rates Fall, June 24, 2024
- Economic Outlook Eurozone Q3 2023: Short-Term Pain, Medium-Term Gain, June 26, 2023
- German Covered Bond Market Insights 2022, Oct. 17, 2022
- European Covered Bonds Reach Harmonization Milestone As The Journey Continues, July 12, 2022
- Approach To Analyzing German Covered Bonds Clarified Following Changes To The German Covered Bond Law, Oct. 6, 2021
- Covered Bond Harmonization In The EU Remains A Work in Progress, July 13, 2021
- Commercial Real Estate In Covered Bonds: Is It Worth The Risk?, July 8, 2021
- ESG Industry Report Card: Covered Bonds, Nov. 9, 2020
- Glossary Of Covered Bond Terms, April 27, 2018
This report does not constitute a rating action.
| Primary Credit Analysts: | Andreas M Hofmann, Frankfurt + 49 693 399 9314; andreas.hofmann@spglobal.com |
| Natalie Swiderek, Madrid + 34 91 788 7223; natalie.swiderek@spglobal.com | |
| Casper R Andersen, Frankfurt + 49 69 33 999 208; casper.andersen@spglobal.com |
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