DWS Covered Bond Fund ID

ISIN: DE000DWS1UQ9Koers per datum: 27-10-2020Uitgiftekoers: 57,72
 Valuta: EURVerkoopkoers: 57,72

Moritz Rieper


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


Huidige opmerking

The mood on the financial markets was slightly dampened by increased risks of a second wave of corona, although fiscal and monetary measures continued to provide support. Falling prices on the equity markets, rising risk premiums on corporate bonds and a significant decline in interest rates on German government bonds were the result. In this environment, the risk premiums (spreads) for covered bonds (secured bonds) fell for most countries in September. The risk premiums of covered bonds from, e.g., Australia, New Zealand, Italy and the United Kingdom fell more sharply than those of covered bonds from, e.g., France, Germany or the Netherlands. The ECB held a total of around EUR 288 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of September 25). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 11 bn. This means that in 2020 to date approx. EUR 81 bn in new covered bonds has been issued.

Vorige opmerkingen

  • 08/2020: The mood on the financial markets was positive and was characterized by optimism regarding the corona crisis. Fiscal policy and monetary measures in particular, such as the bond purchases by the ECB as part of its purchasing program, supported the financial markets. Rising prices on the stock markets and falling risk premiums on corporate bonds were the result. In this positive environment, interest rates on German government bonds rose noticeably and covered bonds also performed well. In this environment, the risk premiums (spreads) for covered bonds (secured bonds) fell for most countries in August. The risk premiums of covered bonds from, e.g., Australia, New Zealand and Canada fell more sharply than those of covered bonds from, e.g., France, Germany or Austria. The ECB held a total of around EUR 284 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of August 28). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 0.5 bn. This means that in 2020 to date approx. EUR 69 bn in new European Benchmark covered bonds has been issued.

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  • 07/2020: The mood on the financial markets was somewhat less risk-friendly in July than in the previous month, in an environment that was less liquid due to the summer holidays. The main reasons for this were fears of a second wave due to a renewed rise in infection rates in Europe and continuing increases in the US and some developing countries. In addition, tensions between China and the US caused uncertainty. This environment led to a significant depreciation of the USD, sharply rising gold and silver prices, and lower interest rates on government bonds. The risk premiums (spreads) of corporate bonds and European government bonds held up well and fell slightly. In this environment, spreads for covered bonds (collateralized bonds) traded sideways to slightly lower, such as bonds from Singapore, New Zealand or South Korea. The ECB held a total of around EUR 284 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of July 31). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 1.2 bn. This means that in 2020 to date approx. EUR 69 bn in new covered bonds has been issued.

    klapper
  • 06/2020: The mood on the financial markets was generally risk-positive in June. This was due to continued strong support from monetary policy, improving macro data and further easing of coronavirus measures. Recently, rising numbers of infections, especially in the US, have caused uncertainty. Risk premiums on corporate bonds fell slightly and equity markets and yields on German government bonds moved sideways for the most part. In this environment, the risk premiums (spreads) for covered bonds (secured bonds) continued to fall for most countries in June. The risk premiums of covered bonds from e.g., Italy, Spain, Canada and Australia fell more sharply than those of covered bonds from Germany. The ECB held a total of around EUR 283 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of June 30). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 7.5 bn. This means that in 2020 to date approx. EUR 66 bn in new covered bonds has been issued.

    klapper
  • 05/2020: The mood on the financial markets continued to brighten noticeably. Hopes for a speedy end to the corona crisis and an accompanying economic recovery remained the dominant topic. Rising prices on the equity markets and falling risk premiums on corporate bonds were the result. In addition, the ECB supported the financial markets with its bond purchases as part of its purchasing programs. In this environment, the risk premiums (spreads) for covered bonds fell significantly for most countries in May. The risk premiums of covered bonds from, for example, Italy, Spain, France and Belgium fell more sharply than those of covered bonds from Germany. The ECB held a total of around EUR 281 billion in covered bonds as part of its covered bond purchase program (CBPP3 as of May 29). The primary market (in EUR and benchmark volume) recorded new issues in the amount of approx. EUR 4.5 bn. This means that in 2020 to date approx. EUR 59 bn in new covered bonds has been issued.

    klapper
  • 04/2020: 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.

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