Covered Bonds
ֳ maintains ratings and issues insightful research for over 100 covered bond programs from more than 20 countries – accounting for roughly 850 billion euros of bonds.
01Insights
02Covered Bonds in Charts
03Research & Newsletter
Covered Bonds Recap
Our Covered Bonds Recap newsletter highlights key rating actions as well as our recently published commentaries, criteria updates, and events.
Covered Bonds Protection Dashboard
An excel based tracker of changes in issuer and covered bond ratings as well as overcollateralisation cushions and buffers against issuer downgrades.
Covered Bonds Snapshot & Snapshot Data
This quarterly publication provides an overview of ֳ coverage in two separate documents. One gives an aggregated view of the sector. The other is an excel file containing line-by-line information on each publicly rated programme and multi-issuer of cédulas hipotecarias.
ESG Relevance Scores – Structured Finance & Covered Bonds
An updated compendium of the ESG Relevance Scores assigned and monitored by ֳ to over 4,700 ABS, CMBS and RMBS Structured Finance transactions and over 110 covered bond programs across the globe. These scores speak to the relevance and materiality of an ESG factor to ֳ's credit rating.
04Covered Bonds Harmonisation
- Positive Impact of EU Covered Bonds Directive Liquidity Buffer (22 August 2024)
- Portuguese Covered Bonds Benefit from CVB Directive (13 March 2024)
- Italy’s Proposed Covered Bond Rules Neutral for Ratings (21 February 2023)
- Singapore Covered Bonds On a Good Path for EU Equivalence Consideration (27 November 2022)
- Spanish Covered Bonds Are Now Aligned with EU Standards (11 November 2022)
- Australia, Canada, UK Covered Bonds Well Placed for EU Equivalence (24 August 2022)
- Higher PCU for Belgian Covered Bonds Following EU Directive (8 July 2022)
- Liquidity Rules Drive Covered Bond Directive’s Impact in Eastern Europe (04 July 2022)
- Greek Covered Bond Commitments Are Stronger than EU Directive (21 June 2022)
- EU Directive Strengthens Portuguese Covered Bonds but OC is Key (31 May 2022)
- EU CVB Liquidity Coverage Amendment Removes Double Requirement (15 February 2022)
- French Covered Bond Law Update Bolsters Existing Frameworks (11 October 2021)
- Austrian Covered Bond Law Proposal Would Reduce Liquidity Risk (07 September 2021)
- German Pfandbriefe Benefit from Six Notches of PCU following Law Amendment (1 July 2021)
- Impact of EU CVB Liquidity Rule Depends on National Transposition (28 January 2021)
- Danish Covered Bond Proposal Clarifies Extension Rules (16 December 2020)
- Extension Provisions to Be Key in Transposing EU Covered Bond Directive (31 January 2020)
- ‘BBB’ Category Exposures Unlikely to Jeopardise CVB Ratings (08 May 2019)
05Peer Credit Analysis
- UK Major Banks Covered Bonds - Peer Credit Analysis (April 2025)
- UK Medium-Sized Financial Institutions Covered Bonds - Peer Credit Analysis (April 2025)
- South Korean Legislative Mortgage Covered Bonds Programmes - Peer Credit Analysis (April 2025)
- Australia Mortgage Covered Bond Programmes: Major Banks – Peer Review (December 2024)
- Australia Mortgage Covered Bond Programmes: Medium-Sized Banks – Peer Review (December 2024)
- Italy Mortgage Covered Bonds Programmes – Peer Review (December 2024)
- Spanish Covered Bonds - Peer Review (November 2024)
- Singapore Mortgage Covered Bonds Programmes – Peer Review (October 2024)
- Swiss Covered Bond Programmes – Peer Review (September 2024)
- German Sparkassen Mortgage Pfandbriefe Programmes – Peer Review (July 2024)
- New Zealand Mortgage Covered Bonds Programmes - Peer Review (June 2024)
- Canadian Legislative Covered Bond Programs - Peer Review (May 2024)
- Belgian Residential Pandbrieven Programmes – Peer Review (March 2024)
- Portuguese Covered Bonds Programmes (Obrigações Cobertas, ObC) – Peer Review (March 2024)
- South Korean Legislative Mortgage Covered Bonds Programmes - Peer Review (March 2024)
- French SFH Covered Bonds Programmes – Peer Review (February 2024)
- Dutch Covered Bond Programmes – Peer Review (February 2024)
06Upcoming Events
07Past Webinars
Criteria
Criteria explain our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis.
Structured Finance Encyclopedia
In this edition of ֳ’s Credit Encyclopedia series, we look at securitization. Created for newcomers to the asset class, or those looking to review the basics, our guide covers the fundamentals of the sector, key risk factors, regulatory considerations and more.
08Podcasts
09Videos
Credit Outlook 2025 - Global SF Asset Performance Stable in 2025; Most ‘Deteriorating’ Outlooks in North America
We cover over 110 Covered Bond issuers
10Sector Analysts
Helene Heberlein
Covered Bonds
Managing Director
+33 1 44 29 91 40 |
11Business Contacts
Two Day Live Online Training: Covered Bonds: Credit and Market Risk
Earn 16 CPD points on ֳ Learning's live online Covered Bonds: Credit and Market Risk course, which is designed to provide the analytic technique for understanding how covered bonds work, the risk from an investor-view point, and the different reasons why investors, borrowers and regulators like them.