Announcements
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![Pressure mounts to improve climate-risk disclosures in covered bonds](https://www.scopegroup.com/ScopeOneApi/images/announcement-img?imageName=mitteilung_0232939da8a997014bdbf3423148ee1236a583d16efea8022eeb4930773e20f6.jpg)
12/8/2024 Research EN
Pressure mounts to improve climate-risk disclosures in covered bonds
Green and social covered bond issuance hit USD13.4bn in the first seven months of the year, representing approximately one in 10 new issues. But there is pressure to enforce consistent and standardised ESG disclosures related to cover pools.
![Scope publishes the final version of its covered bond rating methodology following call for comments](https://www.scopegroup.com/ScopeOneApi/images/announcement-img?imageName=mitteilung_bc08935af5822d8cd5cac29e788f2ceebe2779a13b3df9081d1b56ead3514733.jpg)
26/7/2024 Research EN
Scope publishes the final version of its covered bond rating methodology following call for comments
Scope has published the final version of its covered bond rating methodology. The methodology update, which follows a call for comments released on 10 May 2024, has no rating impact. Scope has not received any comments.
![Polish covered bond issuance expected to surge in next two years](https://www.scopegroup.com/ScopeOneApi/images/announcement-img?imageName=mitteilung_611b3d5e009a88e977bdf7b6cdb75ff55e86887d9b6e84e3caa52bbc6b7bdd8d.jpg)
24/7/2024 Research EN
Polish covered bond issuance expected to surge in next two years
The introduction by Poland’s financial supervisory authority (KNF) of a long-term finance ratio for residential mortgages could provide a boost to Poland’s hibernating covered bond market. Green covered bonds could become the instrument of choice.
![Covered Bond Quarterly: Steady sailing over the summer with few clouds on the horizon](https://www.scopegroup.com/ScopeOneApi/images/announcement-img?imageName=mitteilung_18ef8fb113df7813b5c196e55242cbd56662d33f6c95b2e6feec5fe310d204cf.jpg)
18/7/2024 Research EN
Covered Bond Quarterly: Steady sailing over the summer with few clouds on the horizon
This year will not set any records for investor-placed covered bonds. After moderate-to-strong activity for most of the year, issuance in June was the slowest in over 10 years. But we still believe our projected volume of EUR 170bn for 2024 is feasible.
![New property value definitions in CRR3 to have notable impact on some mortgage covered bonds](https://www.scopegroup.com/ScopeOneApi/images/announcement-img?imageName=mitteilung_9ed61fe790d05a4cdad6ed270e15554521219e45c1bfd565ab071b8adcd02b66.jpg)
15/7/2024 Research EN
New property value definitions in CRR3 to have notable impact on some mortgage covered bonds
There is less than six months to go until the property value in the updated Capital Requirements Regulation takes effect. This could have a notable impact on covered bonds as market values are directly linked to the amount of bonds that can be issued.
![Scope publishes updated covered bond rating methodology and calls for comments](https://www.scopegroup.com/ScopeOneApi/images/announcement-img?imageName=mitteilung_86b9e5998d147d5fb95c81dff6f82b044d6871902bd7a5e98792bf7dc6ddef70.jpg)
27/5/2024 Research EN
Scope publishes updated covered bond rating methodology and calls for comments
Scope Ratings requests comments on its Covered Bond Rating Methodology by 27 June 2024. The proposed changes to the methodology are not expected to have an impact on outstanding covered bond ratings assigned by Scope.
![Pfandbriefe investors shielded from volatile CRE valuations](https://scopegroup.com/dam/jcr:cbce3cee-5cef-4232-ab8f-139ae6517ca9/img.jpg)
21/5/2024 Research EN
Pfandbriefe investors shielded from volatile CRE valuations
With our negative CRE outlook persisting and the collateral values of CRE loans volatile, covenant breaches are also driving up NPLs. Regulators are seeking to address value volatility, but Pfandbriefe are shielded because of cover-pool eligibility caps.
![German covered bonds not imperilled by CRE but office exposure a concern](https://scopegroup.com/dam/jcr:228d9a56-d6a3-4547-a10f-ba6f07e0e0a8/img.jpg)
13/5/2024 Research EN
German covered bonds not imperilled by CRE but office exposure a concern
EU supervisors remain concerned that banks’ real-estate exposure is vulnerable, and US contagion risk is an issue. But while German banks’ CRE portfolios are unlikely to have endangered the safe-haven status of Pfandbriefe, office exposure is a worry.
![Covered Bond Quarterly: Have German banks put Pfandbriefe at risk?](https://scopegroup.com/dam/jcr:4f41ce93-f3e3-4379-8bfe-913102d9995b/img.jpg)
17/4/2024 Research EN
Covered Bond Quarterly: Have German banks put Pfandbriefe at risk?
After a strong January, EUR benchmark covered bond issuance slowed in February and March. Some of the reluctance to issue may have been driven by Germany’s specialised commercial mortgage lenders, given rising tensions in commercial real estate.
![Systemic risk remains high in European housing market](https://scopegroup.com/dam/jcr:0bd4883d-0fb0-4af5-a663-f73eb9c1faa7/img.jpg)
23/1/2024 Research EN
Systemic risk remains high in European housing market
Housing affordability is stretched and systemic risk a concern. Policy measures to improve financial system resilience can help. Germany might introduce borrower-based measures but they will need to be carefully calibrated to avoid further curbing supply.