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Global Covered Bond Interactive
Global Covered Bond Insights Q1 2025
Primary credit analysts
Content visualization contacts
Published article
Adriano Rossi
adriano.rossi@spglobal.com
Phuong Nguyen
phuong.nguyen@spglobal.com
Deegant Pandya
deegant.pandya@spglobal.com
Bushra Dawawala
bushra.dawawala@spglobal.com
The data can be downloaded in excel format from the link include in the CapitalIQ version of the article.
As of Dec. 17, 2024
Overview
Overview
Key insights
European investor-placed benchmark covered bond issuance (bil. €)
Covered bond rating actions (count)
- Issuance volume slightly decreased, but remained close to recent highs in 2024, and will likely remain elevated at about €140 billion in 2025.
Upgrades
Downgrades
- Some sectors of European commercial real estate now face market value declines that exceed those during the global financial crisis. While we believe that overall CRE asset performance will remain weak in 2025, the availability of significant excess credit enhancement remains a key strength for programs we rate.
- Our Covered Bonds Outlook 2025 highlights why we believe lower interest rates will support sound collateral performance. Our 2025 ratings outlook remains stable.
YTD figures are as of Dec. 2 each year. Source: S&P Global Ratings.
Source: S&P Global Ratings.
Recent covered bond rating actions
LCB--Legislation-enabled covered bonds. HYPF--Hypothekenpfandbrief. SCB—Structured Covered Bonds. JL—Jelzáloglevél.
As of Dec. 17, 2024