Covered Bonds Surveillance Snapshot

...For over seven years, Fitch Ratings has been publishing its quarterly Covered Bonds Surveillance Snapshot, encompassing an ever growing range of data and topics. Covered bonds are a relevant long-term funding tool for banks and continue to evolve. Important milestones for this edition are the entry into force of the EU covered bond directive in January 2020 and the increasing focus on Environmental, Social and Governance (ESG) disclosures by issuers. During 4Q19, Fitch's covered bonds analysts published reports on the following topics: + 2020 Outlook: In our global 2020 Covered Bonds Outlook, we stated that, given the good cover pool asset performance, uplift buffers and overcollateralisation (OC) cushion, we expect broad rating stability for the year ahead. We also mentioned that potential Country Ceiling changes for Italy and Cyprus could trigger marginal rating changes for covered bonds. Together with our structured finance team, we updated our annual Global Mortgage and Housing Outlook,...

Performance Summary