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Global Covered Bond Insights Q3 2022

Investor-based benchmark covered bond issuance has eased during the third quarter of 2022, after accelerating at an historical pace in the first half of the year, S&P Global Ratings said in a report published today. This report provides an overview of recent developments in the global covered bond markets and rating trends, and lays out core characteristics and risk indicators that we assess regularly in our analysis. Rising inflation and interest rates burden European mortgage borrowers, but we observe differences in the sensitivity of various markets to changes in the monetary environment. While investor-based issuance stays at a record high, the rate of growth has eased following increasing costs and uncertainties around the new legislation. In the third quarter of 2022, we affirmed our ratings on four covered bond programs and discontinued our ratings on one program. We have not lowered or raised our ratings on any programs during this period.

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