Europe Credit Research06 September 2019 J.P. Morgan Global Covered Bond Handbook2019/20 EditionEuropean Credit - ABS & Structured ProductsMeghan C Kelleher AC(44-20) 7134-2591meghan.c.kelleher@jpmorgan.comSuraj Dey, CFA AC(44-20) 7134-1722suraj.dey@jpmorgan.comJ.P. Morgan Securities plcSee page 442 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.www.jpmorganmarkets.com We launch the 2019/20 J.P. Morgan Global Covered Bond Handbook, providing an overview of the product, a summary of recent market activity, and rating agency approaches to evaluating these instruments, along with a comprehensive overview of benchmark issuers that have accessed the international capital markets.2Europe Credit Research06 September 2019Meghan C Kelleher(44-20) 7134-2591meghan.c.kelleher@jpmorgan.comSuraj Dey, CFA(44-20) 7134-1722suraj.dey@jpmorgan.com Table of ContentsProduct Overview...................................................................10Covered bonds: a ‘bluffer’s guide’.........................................................................10What exactly is a covered bond?............................................................................11Regulatory update.................................................................................................14Covered bonds vs. RMBS......................................................................................16Market statistics....................................................................................................18Rating agency approaches....................................................21DBRS ...................................................................................................................21Fitch Ratings.........................................................................................................22Moody’s ...............................................................................................................24Standard & Poor’s.................................................................................................26Australian Covered Bonds ....................................................30In pictures… .........................................................................................................30Legislative snapshot..............................................................................................31Australia & New Zealand Bank.............................................................................32Bank of Queensland..............................................................................................34Commonwealth Bank of Australia.........................................................................35Macquarie Bank....................................................................................................36National Australia Bank ........................................................................................38Suncorp Metway...................................................................................................40Westpac Banking Corporation...............................................................................41Austrian Covered Bonds .......................................................44In pictures… .........................................................................................................44Legislative snapshot..............................................................................................45BAWAG PSK.......................................................................................................46Erste Bank Group..................................................................................................48Hypo Landesbank Vorarlberger.............................................................................50HYPO NOE Gruppe..............................................................................................51Hypo Tirol Bank AG.............................................................................................53Kommunalkredit Austria AG.................................................................................54Raiffeisen Landesbank Niederösterreich Wien.......................................................56Raiffeisen Landesbank Oberöesterreich .................................................................58Raiffeisen Landesbank Steiermark.........................................................................59Raiffeisen Landesbank Vorarlberg Waren-und Revisionsverband...........................60UniCredit Bank Austria.........................................................................................61Volksbank Wien......
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