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Global Covered Bond Interactive
Global Covered Bond Insights Q2 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 Mar. 18, 2025
Overview
Overview
Key insights
European investor-placed benchmark covered bond issuance (bil. €)
Covered bond rating actions (count)
- Year-to-date issuance volume slightly decreased, at 28.5% lower than the 2024 equivalent period, but matched our 2025 issuance expectations.
Upgrades
Downgrades
- In our view, scheduled European covered bond redemptions remain the primary driver for issuances this year.
- We anticipate that potential further reductions in central bank interest rates will support sound collateral performance. Our 2025 ratings outlook remains stable.
YTD figures are as of Feb. 28 each year. Source: S&P Global Ratings.
Source: S&P Global Ratings.
Recent covered bond rating actions
LCB--Legislation-enabled covered bonds. SDO--Saerligt daekkede obligationer. OF--Obligations Foncières. OPF--Öffentlicher pfandbrief. RO--Realkredit obligationer.
As of Mar. 18, 2025