Covered Bonds
Fitch 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
None available at this time
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 Fitch 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 Fitch Ratings 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 Fitch's credit rating.
04Covered Bonds Harmonisation
- Programme-Specific Arrangements Still Key for Portugal Covered Bonds (16 March 2023)
- 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 Reviews
- Swiss Covered Bond Programmes – Peer Review (July 2023)
- German Sparkassen Mortgage Pfandbriefe Programmes – Peer Review (June 2023)
- South Korean Legislative Mortgage Covered Bonds Programmes - Peer Review (May, 2023 )
- Australia Mortgage Covered Bond Programmes: Major Banks - Peer Review (May 2023)
- Australia Mortgage Covered Bonds Programmes: Medium-Sized Banks - Peer Review (May 2023)
- Singapore Mortgage Covered Bond Programmes – Peer Review (May 2023)
- UK Regulated Mortgage Covered Bond Programmes – Major Banks Peer Review (March 2023)
- UK Medium-Sized Covered Bonds Programmes – Peer Review (March 2023)
- Realkredit Danmark's Capital Centres S & T Covered Bond Programmes – Peer Review (March 2023)
- Canadian Legislative Covered Bond Programs – Peer Review (February 2023)
- Danske Bank AS’s Mortgage Pools D and I Covered Bond Programmes – Peer Review (February 2023)
- German Public Sector Pfandbrief Programmes – Peer Review (February 2023)
- French SFH Covered Bonds Programmes – Peer Review (January 2023)
- New Zealand Mortgage Covered Bonds Programmes: Peer Review (January 2023)
- Portugal Mortgage Covered Bond Programmes (OH) – Peer Review (December 2022)
- Belgian Residential Pandbrieven Programmes – Peer Review (December 2022)
- Spanish Covered Bonds (Cédulas) – Peer Review (November 2022)
- Italy Mortgage Covered Bonds Programmes - Peer Review (November 2022)
- Dutch Hard- and Soft-Bullet Covered Bonds Programmes - Peer Review (April 2022)
- Dutch Conditional Pass-Through Covered Bonds Programmes – Peer Review (April 2022)
06Webinars
07Events
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 Fitch’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.
08Videos
Canadian Covered Bond Ratings Not Impacted by Canadian Wildfires
We cover over 110 Covered Bond issuers
09Sector Analysts
10Business Contacts
Two Day Live Online Training: Covered Bonds: Credit and Market Risk
Earn 16 CPD points on Fitch 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.