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Global Covered Bond Insights For Q4 2020 Published

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Global Covered Bond Insights For Q4 2020 Published

MILAN (S&P Global Ratings) Dec. 17, 2020--Year-to-date European investor-placed benchmark covered bond issuance is about 34% lower than 2019 levels, with central bank funding, retained issuances, and reduced origination volumes being the main reasons, S&P Global Ratings said in a report published today.

The report, "Global Covered Bond Insights Q4 2020," provides an overview on recent developments in the global covered bond markets and rating trends.

European economies rebounded faster than expected after the lifting of the first round of lockdowns. However, new restrictions in some countries following a rise in COVID-19 cases are likely to weigh on the recovery. We expect that covered bond ratings will remain broadly stable due to available overcollateralization and unused notches of uplift, but risks are skewed to the downside, given some sensitivity to sovereign downgrades.

We also published a report today that lays out core characteristics and risk indicators that we regularly assess in our analysis (see "Global Covered Bond Characteristics And Rating Summary Q4 2020").

This report does not constitute a rating action.

The reports are available to subscribers of RatingsDirect at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase copies of these reports by calling (1) 212-438-7280 or sending an e-mail to research_request@spglobal.com. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box located in the left column at www.standardandpoors.com. Alternatively, call one of the following S&P Global Ratings numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4009.

Primary Credit Analyst:Adriano Rossi, Milan + 390272111251;
adriano.rossi@spglobal.com
Secondary Contacts:Judit O Woelk, Frankfurt + 49 693 399 9319;
judit.woelk@spglobal.com
Maria Luisa Gomez Grande, Madrid + 34 91 788 7208;
marisa.gomez@spglobal.com
Analytical Manager:Barbara Florian, Milan + 390272111265;
barbara.florian@spglobal.com

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