DWS Covered Bond Fund ID

ISIN: DE000DWS1UQ9Koers per datum: 9-12-2019Uitgiftekoers: 57,23
 Valuta: EURVerkoopkoers: 57,23

Moritz Rieper


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


Huidige opmerking

Risk spreads for covered bonds were virtually unchanged in most countries in September. The positive risk sentiment in October not only led to higher share prices but also to significantly higher yields on German government bonds, for example. The positive mood was the result of the easing in the trade conflict between the US and China, solid corporate results, progress in the Brexit process and an expansionary US Federal Reserve. At its meeting, the ECB confirmed its expansionary monetary policy and was active again in both the secondary and primary markets as part of its new net purchases. The ECB continued to hold a total of around EUR 260 billion in covered bonds as part of its third covered bond purchase program (CBPP3 as of October 25). The primary market volume of covered bonds (in EUR and benchmark volume) was slightly below the previous month at around EUR 9.5 billion. A total of approximately EUR 126 billion in benchmark covered bonds have been issued to date in 2019. Issuers from Germany, France and Canada in particular contributed to this.

Vorige opmerkingen

  • 09/2019: Translation 1200 chars max. (The original text has been supplied for your convenience)Risk spreads for covered bonds were virtually unchanged in most countries in September. Exceptions were the risk premiums for UK covered bonds and those from Italy. While the former have widened due to the ongoing Brexit uncertainties, the latter have narrowed for Italian covered bonds. In addition to the general search for yields, one reason for this was the expected announcement by the ECB that it would make net covered bond purchases again in the future. As expected, the ECB lowered the deposit interest rate to -0.5% and announced the resumption of the bond purchase program with a volume of EUR 20 billion per month. As a result, the prices of government bonds from Italy, Spain and Portugal rose. The price of Bunds, on the other hand, fell. The ECB continued to hold a total of around EUR 261 billion in covered bonds as part of its third covered bond purchase program (CBPP3 as of September 27). The primary market volume of covered bonds (in EUR and benchmark volume) was significantly higher than in the previous month at around EUR 12.5 billion after the summer break.

    klapper
  • 08/2019: Risk spreads for covered bonds rose slightly in most countries in August. The ECB continued to hold a total of around EUR 261 billion in covered bonds as part of its third covered bond purchase program (CBPP3 as of August 30). At around EUR 1.5 billion, the primary market volume of covered bonds (in EUR and benchmark volume) was significantly lower than in the previous month due to seasonal factors. The price of German government bonds continued to increase in August. Yields on bonds with maturities of more than ten years fell by approximately 0.3%. The reasons do not differ significantly from those of previous months: Weak economic data, political uncertainty, low inflation rates and a very expansionary monetary policy on the part of central banks are prompting investors to buy bonds.

    klapper
  • 07/2019: Risk spreads for covered bonds continued their sideways trend in July in most countries. A notable exception was risk premiums on Italian covered bonds, which narrowed considerably due to comparatively high levels. The European Central Bank (ECB) and the US Federal Reserve had a decisive overall influence on the development of the bond markets in July. At its July meeting, the Governing Council decided to use all available instruments in the future to raise inflation expectations and inflation rates in the Eurozone. Concrete steps will probably be announced at the next ECB Council meeting. On July 31, the US Federal Reserve lowered its key interest rate by 0.25%. Yields on 10-year German government bonds continued to fall, reaching an all-time low of -0.44%. The ECB continued to hold a total of around EUR 262 billion in covered bonds as part of its third covered bond purchase program (CBPP3 as of July 26). The primary market volume of covered bonds (in EUR and benchmark volume) was lower than in the previous month at around EUR 7 billion.

    klapper
  • 06/2019: The risk spreads for covered bonds continued their sideways trend in June. This development was observed in almost all countries. The European Central Bank (ECB) and the US Federal Reserve (Fed) were the determining factors on the bond markets in June. ECB President Draghi indicated that further monetary policy measures would be taken if the economic situation did not change and if inflation rates in the Eurozone remained very low. A further reduction in the deposit rate is likely, and the US Federal Reserve has also indicated interest rate cuts. The ECB may well reactivate its bond purchase programs in the near future. Yields on 10-year German government bonds continued to fall, reaching an all-time low of -0.33%. The ECB continued to hold a total of around EUR 262 billion in covered bonds as part of its third covered bond purchase program (CBPP3 as of June 28). The primary market volume of covered bonds (in EUR and benchmark volume) remained roughly unchanged from the previous month at just over EUR 12 billion.

    klapper
  • 05/2019: The risk spreads for covered bonds were unable to continue their positive trend in May and traded sideways to slightly down. This development was observed in almost all countries. The ECB continued to hold a total of around EUR 262 billion in covered bonds as part of its third covered bond purchase program (CBPP3 as of May 31). The primary market volume of covered bonds (in EUR and benchmark volume) was just over EUR 12 billion, higher than in the previous month. Most relevant economic indicators signal a slowdown in global economic growth. At the same time, inflation rates are low in most economic regions. Inflation expectations have fallen. The outlook of the major central banks takes account of the increased uncertainty. Interest rate cuts in the US are more likely, US government bonds reacted with significantly falling yields. In the Eurozone, there are indications that the ECB will leave interest rates virtually unchanged for the next two years. Yields on 10-year German government bonds fell to a historic low of -0.21% in May.

    klapper

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