With over €2.67 trillion outstanding at the end of 2011, covered bonds play an important role in European capital markets, contributing to the efficient allocation of capital and, ultimately, economic development and recovery.
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Chapter I presents an analysis of 11 key themes of the year, offering an overview of the Industry’s position on these themes.
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Chapter II provides a detailed explanation of covered bond fundamentals, including reviews of some of the current European regulatory changes that are bound to have a direct and significant impact on covered bonds, mainly the Commission’s CRD IV Proposal, Solvency II and MiFIR. This chapter also includes articles investigating the relationship between covered bonds and other asset classes such as senior unsecured and government bonds.
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Chapter III presents an overview of the legislation and markets in 33 countries, which demonstrates the worldwide success and recognition of the asset class.
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Chapter IV sets out the rating agencies’ covered bond methodologies.
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Chapter V provides a description of trends in the covered bond market as well as a complete set of covered bond statistics.
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