The Use of Mortgage Covered Bonds [electronic resource] Avesani, Renzo G..

Avesani, Renzo G.
Washington, D.C. : International Monetary Fund, 2007.
IMF eLibrary
IMF Working Papers; Working Paper No. 07/20.
IMF Working Papers; Working Paper No. 07/20
Government document
1 online resource (21 p.)
Local subjects:
Access to international capital. (search)
Banks. (search)
Bond. (search)
Bond holders. (search)
Bond market. (search)
Bond markets. (search)
Bond maturity. (search)
Bond prices. (search)
Bond rates. (search)
Bond spread. (search)
Bondholder. (search)
Bondholders. (search)
Bonds. (search)
Cash flow. (search)
Cash flows. (search)
Commercial mortgage. (search)
Commercial mortgages. (search)
Corporate bond. (search)
Corporate bonds. (search)
Credit. (search)
Economic indicators. (search)
Eligible mortgage. (search)
Financial institutions. (search)
Financial market. (search)
Financial markets. (search)
Financial stability. (search)
Financial system. (search)
General. (search)
Government bond. (search)
Housing finance. (search)
Interest rate derivatives. (search)
Interest rate risk. (search)
International capital. (search)
International capital markets. (search)
Liquid markets. (search)
Long-term bonds. (search)
Mortgage. (search)
Mortgage bank. (search)
Mortgage banks. (search)
Mortgage bonds. (search)
Mortgage credit. (search)
Mortgage debt. (search)
Mortgage lenders. (search)
Mortgage lending. (search)
Mortgage loan. (search)
Mortgage loan portfolio. (search)
Mortgage loans. (search)
Mortgage market. (search)
Mortgage pool. (search)
Mortgage pools. (search)
Mortgage portfolio. (search)
Mortgage portfolios. (search)
Mortgage-backed securities. (search)
Mortgages. (search)
Net present value. (search)
Other Depository Institutions. (search)
Present value. (search)
Private mortgage. (search)
Residential mortgages. (search)
Securitization bonds. (search)
Sovereign bonds. (search)
Stock market. (search)
Term bonds. (search)
Underlying mortgage. (search)
Germany. (search)
Spain. (search)
The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer''s perspective, these instruments have become an attractive funding source and a tool for assetliability management; from the investor''s perspective, covered bonds enjoy a favorable risk-return profile and a very liquid market. In this paper, we examine the two largest ""jumbo"" covered bond markets, Germany and Spain. We show how movements in covered bond prices can be used to analyze the credit developments of the underlying issuer and the quality of its mortgage portfolio. Our analysis also suggests that mortgage covered bonds could be of interest to other mature and emerging markets facing similar risks related to mortgage credit.
Description based on print version record.
Avesani, Renzo G.
Garcia Pascual, Antonio.
Ribakova, Elina.
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