Best borrowers 2012: Covered bonds migrate north

Covered bonds have been lauded as a safe investment during uncertain times, but now investors are looking to the unexpected.


Pick of the emerging markets
Poland European favourite

Covered bonds migrate north
Overall results
Results by type

Sovereigns
Supranationals and Agencies
Non-Bank Financial Institutions
TMT
General Industries
Autos
Consumer products and Retail
Utilities
High Yield
Emerging Markets Corporates
Emerging Markets Sovereigns
Covered bonds and Pfandbriefe


The traditionally German-dominated covered bond market appears to be opening up. The covered bonds section of the Euromoney best borrowers survey has always featured a large number of German banks – usually a combination of Landesbanks and real-estate-oriented institutions. Their strong performance has never been a surprise; German-issued Pfandbriefe make up the largest segment of the global covered bond market.

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