The Cover

Covered Bonds Market

The Cover is a daily online news service dedicated to the covered bond market. Published by the EuroWeek group, The Cover delivers exclusive breaking news on new covered bond issues as they are launched, as well as essential information on the secondary markets, covered bond regulation and the people that matter.

Global Benchmark Ranking

The Cover has been specifically designed so that its members can comment on articles and vote on transactions, and thereby reflect what the market really thinks. The Cover also generates bespoke league tables in partnership with Dealogic (the leading data provider.)

Each week, The Cover publishes the latest global benchmark ranking for the covered bond market, as well as a unique league table that excludes self-led deals and information on bookrunners in all currencies. 
 

Every day, subscribers to The Cover receive a daily news alert that is also available in on mobiles devices such as a BlackBerry. Subscriptions to The Cover include full access to coveredbondnews.com, league tables and a searchable archive, powered by Google.

Most Read Articles

Cédulas law comes under scrutiny
Nearly a quarter of Spanish mortgages could be in negative equity, Moody’s has warned, but with Cédulas collateral marked at historic levels, investors have little transparency on the value of their claim. An updated covered bond structure is fully w ...

Europe needs an SME Marshall plan
The IMF says Europe’s banks must deleverage by $4.5tr. Even if interest rates are cut or the European Central Bank pumps more liquidity into the system, credit is still going to contract severely. The European Commission needs to help SMEs by standin ...

Pass-through takes a seat at the table
The prospect of pass-through covered bonds would once have been instantly slapped down as heresy, but a much more challenging ratings environment has forced the covered bond market to give them consideration.

What’s in a rating? Covered bonds’ honour at stake
Covered bond ratings are going one way — down. Yet regulators continue to develop rules that would force investors to hold more capital against covered bonds rated AA- and below, and it is not yet clear whether covered will be classed as a top level ...

Covered bond encumbrance is trivial relative to depositor preference
The fuss over covered bond issuance and the impact of asset encumbrance on the senior unsecured claim is nothing more than a warm-up act for the main show — the fading away of senior unsecured bank debt due to depositor preference.

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