Covered Bonds Special Report (September 2024)

Covered bonds are not just for mortgages. Interest in secured funding is growing across Europe as issuers look to use all the assets on their balance sheets. But regulatory requirements could hinder development and push issuers to seek out alternative modes of financing, reports Frank Jackman

Euro covered bonds are becoming an increasingly global product. Offshore issuance is on the rise as banks — and investors — look to diversify their portfolios, writes Frank Jackman

The winning deals, banks, issuers and other market participants will be revealed at a gala dinner in Porto on September 12

From elections to equivalence, it has been an interesting year for the euro covered bond market. As the European Central Bank has fully left the market, covered funders have needed to unearth new — and returning — pockets of demand. In early August, GlobalCapital virtually convened a panel of issuers, investors and intermediaries to discuss what shaped euro covered bond issuance this year, and what is in store for 2025

Though issuance may fall short of hitting record heights in 2024, the euro covered bond market looks in robust shape, with longer tenors and tighter prices available for issuers. Austin Barnes writes that the data from GlobalCapital’s Primary Market Monitor shows just how strong conditions have been

Jörg Homey, head of covered bond research at DZ BANK, assesses the state of the covered bond market following the summer break and considers where it goes now