DWS Covered Bond Fund FD

ISIN: DE000DWS1UN6Koers per datum: 25-5-2020Uitgiftekoers: 55,84
 Valuta: EURVerkoopkoers: 55,84

Moritz Rieper


Fondsbeheerder sinds: 1-7-2017
Beheer locatie: Duitsland


Huidige opmerking

Declining infection figures and the loosening of social distancing measures in many countries gave rise to hopes that the coronavirus crisis would soon end, which led to a much better mood on the financial markets. This was reflected in sharply rising prices on the equity markets and falling risk premiums on corporate bonds. The ECB also extended its package of measures again at the end of the month. In this environment, the risk premiums (spreads) for covered bonds moved sideways overall in April. While the risk premiums of covered bonds from individual countries such as Australia, Italy and Portugal were higher, the spreads of covered bonds from France fell. The ECB held a total of around EUR 278 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of April 24). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 8 billion. This means that in 2020 to date approx. EUR 55 billion in new covered bonds has been issued.

Vorige opmerkingen

  • 03/2020: The escalation of the coronavirus crisis and its noticeable effects on the global economy led to significant price movements on the financial markets. This was reflected in sharply falling prices on the equity markets, rapidly rising risk premiums on, among other things, corporate bonds and government bonds from Italy, Spain and Portugal, and a drop in crude oil prices. However, most markets recovered noticeably following the announcements of major emergency programs, particularly by the ECB. In this environment, the risk premiums (spreads) for covered bonds (collateralized bonds) widened in March, but continued to show relatively high stability in comparison. The ECB held a total of around EUR 275 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of March 27). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 9 bn. This means that in 2020 to date approx. EUR 46 bn in new covered bonds has been issued.

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  • 02/2020: Growing concerns about the spread of the coronavirus, especially outside China, and the expected negative effects on the global economy have significantly dampened the mood on the financial markets. This was reflected in significantly lower share prices and rising risk premiums on, among others, corporate bonds and government bonds from Italy, Spain and Portugal. The risk premiums (spreads) for covered bonds (collateralized bonds) moved sideways in most countries in February, thus showing relatively high stability. The ECB held a total of around EUR 270 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of February 21). The primary market (in EUR and benchmark volume) recorded new issues of around EUR 9 billion.

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  • 01/2020: The risk premiums (spreads) for covered bonds narrowed slightly in most countries at the beginning of the year. The positive risk sentiment in the first half of January not only led to higher share prices but also to higher yields on, for example, German government bonds. However, the mood was considerably dampened by the concerns that then arose about the spread of the coronavirus and the feared negative effects on the global economy. The ECB held a total of around EUR 267 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of January 31). The primary market (in EUR and benchmark volume) was quite active at the beginning of the year for seasonal reasons, at around EUR 28bn. Issuers from Germany, France and Canada in particular contributed to this.

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  • 12/2019: As part of the resumption of net purchases, the ECB also increased the volume of bonds held in the area of covered bonds by around EUR 1 billion to EUR 264 billion in December. Risk premiums (spreads) for covered bonds moved largely sideways in December, as in previous months. This was observed both at the overall index level and in the individual countries. The primary market activity of €-denominated covered bonds declined massively in December due to seasonal factors, but was slightly higher than in the previous year for the whole of 2019. Looking back on 2019, the marked increase in the volume of transactions issued in line with sustainability criteria deserves special mention - a trend that is likely to continue.

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  • 11/2019: As announced, the ECB has also started to resume net purchases of covered bonds as part of its overall purchase programs. As a result, the volume of bonds held in this area rose by EUR 2 billion from around EUR 261 billion to EUR 263 billion in November. The risk spreads for covered bonds moved largely sideways despite increased purchases, as in the previous month. There were hardly any differences between the different countries. The increased central bank purchases thus had no direct influence in this respect. The primary market activity of EUR-denominated covered bonds, on the other hand, increased again slightly in November compared to the previous month, which was probably also boosted by the central banks’ purchases. In the course of 2019, the previous year’s level of just under EUR 140 billion was already almost reached. Particular mention should be made here of the noticeable increase in the number of transactions issued in accordance with sustainability criteria, from 10 to 22 in the previous year.

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