DWS Covered Bond Fund IC

ISIN: DE000DWS1UP1Koers per datum: 13-5-2022Uitgiftekoers: 55,22
 Valuta: EURVerkoopkoers: 55,22

Moritz Rieper


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


Huidige opmerking

March was marked by the war in Ukraine and its consequences for inflation and the economy, especially for Europe. Inflation figures and expectations continued to rise, while economic sentiment indicators fell more than expected. The fact that the strict coronavirus requirements have been relaxed in many countries was received positively. In this environment, the ECB signaled a more restrictive stance by accelerating the phasing out of its bond purchases. As a result, the market now expects the first interest rate hikes before the end of 2022, which would mean that the ECB would follow other central banks. In this environment, yields rose massively across the entire yield curve. In this environment, risk premiums (spreads) for covered bonds (collateralized bonds) remained largely unchanged compared with German government bonds. The primary market was much livelier than in the previous month, with 20 bonds and around EUR 27 billion. In total, the ECB holds around EUR 296 billion in covered bonds under its covered bond purchase program (CBPP3 as of March 25).

Vorige opmerkingen

  • 02/2022: February was characterized by continued higher-than-expected inflation figures and good economic data. In this environment, the ECB acted more restrictively than expected by the market. It announced a decisive, data-dependent approach in reducing its bond purchases and no longer ruled out key interest rate hikes in 2022. As a result, interest rates rose significantly across the entire yield curve. Due to the escalation of the Russia-Ukraine conflict, risk premiums increased further in the second half of the month. Energy and raw material prices increased noticeably as a result, which also led to a further rise in inflation expectations and put a damper on positive economic expectations. Bund yields thus eased across the curve from their highs toward the end of the month. The risk premiums (spreads) for covered bonds (collateralized bonds) widened against German government bonds in this environment. The primary market was significantly weaker than in the previous month, with 14 bonds and around EUR 15 billion. The ECB holds a total of around EUR 297 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of February 25).

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  • 01/2022: January was mainly characterized by higher-than-expected inflation figures and relatively good growth figures. As a result, the market now expects central banks to act more quickly and more strongly toward a more restrictive money market policy. This caused yields to rise across the entire yield curve. Due to geopolitical risks, risk aversion also increased. As a result, risk premiums rose in almost all asset classes. Italian bond spreads narrowed in the short term following the successful presidential election. The risk premiums (spreads) for covered bonds (collateralized bonds) remained largely stable, with some gaining ground, due to the active primary market, which started the new year very strongly at around EUR 28 billion. Overall, significantly more new issues are expected to be launched on the market this year than in 2021. The reasons for this are mainly the high number of maturities and the expectation that the ECB’s targeted longer-term refinancing operations will be less attractive. In total, the ECB holds around EUR 295 billion in covered bonds under its covered bond purchase program (CBPP3 as of January 28).

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  • 12/2021: In view of persistently high inflation rates and falling unemployment figures, the US Federal Reserve decided in December to reduce the volume of monthly net purchases significantly from January 2022 and to end them from the end of March. The Bank of England raised its key interest rate by 0.15% for similar reasons. The ECB will maintain its comparatively expansionary monetary policy but will end the “PEPP” purchase program in March 2022. In this environment, yields on German government bonds rose. The risk premiums of Italian government bonds widened against German Bunds, while the risk premiums for corporate bonds fell amid buoyant equity markets. The risk premiums (spreads) for covered bonds (collateralized bonds) remained largely stable. The ECB holds a total of around EUR 299 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of December 24). At around EUR 3 billion, the issue volume on the primary market was significantly lower than in October. A total of approximately EUR 97 billion in Euro Benchmark Covered Bonds were issued in 2021.

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  • 11/2021: In particular, concerns about the new virus variant and an increase in coronavirus restrictions due to a sharp rise in the number of infections led to pronounced risk aversion in the financial markets in the last week of November. In this environment, yields on German government bonds fell. In contrast, the risk premiums of Spanish and Italian government bonds widened against Bunds. Risk premiums for corporate bonds also increased significantly and equity markets declined. The risk premiums (spreads) for covered bonds (collateralized bonds) have widened slightly compared with Bunds across most country segments. In total, the ECB holds around EUR 298 billion of covered bonds under its covered bond purchase program (CBPP3 as of November 26), unchanged from the previous month. At around EUR 6 billion, the issue volume on the primary market was significantly lower than in October. A total of approximately EUR 93 billion in Euro Benchmark Covered Bonds have been issued this year. We expect a very low volume of new issues in December.

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  • 10/2021: Concerns about high inflation rates and uncertainties about a possible global tightening of loose monetary policy were the main influences on the financial markets in October. While the ECB reiterated its supportive policy stance in its meeting, it could not fully allay concerns. In this environment, yields on German government bonds with shorter maturities continued to rise, while yields on longer-dated Bunds fell. The risk premiums of Spanish and Italian government bonds widened. Risk premiums for corporate bonds increased slightly, while equity indices continued to rise. The risk premiums (spreads) for covered bonds remained unchanged compared to the previous month across most country segments. In total, the ECB holds around EUR 298 billion in covered bonds under its covered bond purchase program (CBPP3 as of October 22), EUR 1 billion more than in the previous month. The issue volume of the primary market was surprisingly high at EUR 14 billion in October 2020. A total of approximately EUR 88 billion in Euro Benchmark Covered Bonds have been issued this year.

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