TAILIEUCHUNG - SpeCIAL RepoRT Global Demand For Covered Bonds Is Growing

In total, the model can generate expected excess corporate bond returns in four ways. First, through the dependence of credit spreads (or, equivalently, default intensities) on default-free term structure factors. Second, because the risk of common or systematic changes in credit spreads across firms is priced. Third, via a risk premium on firm-specific credit spread changes, and, fourth, due to a risk premium on the default jump. 1 Empirically, we find that all these terms contribute to the expected excess corporate bond return, except for the risk of firm-specific credit spread changes. We use a data set of weekly US corporate bond prices for 592 bonds of 104. | CreditMatters I Multimedia Edition STANDARD POOR S CreditWeek The Global Authority On Credit Quality November 2 2011 Trustee-Like Roles Come In Many Guises Never Underestimate Credit Risk Issuer Rating Changes And Covered Bonds Covered Bonds Role In Latin American Housing The McGraw-Hill Companies contents November 2 2011 Volume 31 No. 42 Special Report 4 Covered Bonds Evolve And Spread Around The World By Sabrina Miehs Frankfurt Covered bonds bank-issued debt secured by mortgage loans or public sector assets are expanding into new countries to meet growing demand for long-term funding. We believe that demand in countries that already have covered bonds is growing as new investors shift away from senior unsecured bank debt and as insurance and bank regulators give covered bonds preferential treatment in their tightening capital and liquidity rules. 8 Covered Bonds A Primer On The Top Five Global Jurisdictions By Sabine Daehn Frankfurt Five countries Germany France Spain Denmark and the . dominate the covered bond market. In fact these countries collectively account for about 80 of outstanding covered bond issuance in the trillion global market. In this report on the top five countries we illustrate some important distinctions between programs and jurisdictions highlighting how no two covered bond programs can be considered the same. 20 Covered Bond Trustee-Like Roles Come In Many Guises By Sabine Daehn Frankfurt All covered bond programs whether they are 25 Never Underestimate Credit Risk In Mortgage Covered Bonds By Sabrina Miehs Frankfurt Over the past five years issuers from an increasing number of countries have turned to covered bonds to refinance their mortgage lending while issuance of public sector loan-backed covered bonds has fallen. The common perception of mortgage covered bonds as a homogeneous and universally low risk product is misleading. In fact the characteristics of individual mortgage covered bonds are not only diverse but also can change

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