Titlebook: Covered Bonds under Unconventional Monetary Policy; Holger Markmann Book 2018 The Editor(s) (if applicable) and The Author(s), under exclu

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Zusammenfassung und Schlussfolgerungen,oster lending activity by improving the funding conditions of the financial sector, the ECB initiated three CBPPs. While it acquired €60.0 billion and €16.4 billion in covered bonds for CBPP1 and CBPP2, respectively, purchases of approximately €10 billion per month were conducted under CBPP3.

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https://doi.org/10.1007/978-3-531-91091-8er is the main reason they trade at only a slight premium over sovereign bonds, and provide banks cheap access to mortgage funding. The covered bond market has been considered impeccable in terms of both, risk and pricing (e.g., Anand, Chapman, & Gai, 2012).

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Introduction,e largely dysfunctional after the onset of the global financial crisis (GFC), the ECB initiated its first Covered Bond Purchase Programme (CBPP1) in May 2009. These outright bond purchases were among the first unconventional monetary policy measures of the ECB, after reaching the zero lower bound.

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Covered Bond Market,o provide covered bond investors a preferential claim in case of an issuer default. As only financial institutions possess a sufficient volume of loans, covered bonds present a special funding vehicle for financial institutions.