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ifr surveys | June 2011 | | 1 COVERED BONDS FOREWORD

WELCOME TO IFR’s inaugural Covered Bond Survey. This is the first in an occasional series published by IFR; future surveys will cover similarly core areas of the global capital markets. The surveys are conducted anonymously and are designed to offer market participants constructive insights into how specialists view the landscape, and what they view as key concerns, challenges and opportunities. Surveys are useful benchmarking tools. They enable market professionals to put their own views into context and offer good intelligence about how the views stack up away from themselves. The covered bond survey grew out of IFR’s annual Covered Bond Conference, which takes place in Frankfurt every February. The conference is conducted in association with the Verband Deutsher Pfandbriefbanken (VDP, the Association of German Mortgage Banks). This year’s conference discussed a broad array of themes and highlighted a number of key issues facing covered bonds. We have summarised the majority of

these themes and discussion points into a small number of succinct survey questions; the responses are broken down into a user-friendly format that offers an at-a-glance summary of the market’s view. Respondents came from across the range of market constituencies: underwriters (41.5%), issuers (20%), and investors (12%). Most of the ‘other’ category was accounted for by covered bond sales, trading and research. What’s fascinating about the results of the survey is the lack of consensus in most areas. Estimates for the quantum of public issuance, for example, were widely dispersed. While two-thirds of respondents were clustered in the €200bn-€300bn range, there were meaningful minorities either believing volumes would be capped at €200bn or would exceed €350bn. If you have any questions about this survey or about future survey topics, please contact Keith Mullin, Editor- at-Large, IFR, at or on +44 (0)20 7369 7566.

In this survey: 2French dominance expected as peripheral woes continue 5Covered bonds survey 2011 11Data

Editor of this survey: Keith Mullin Editor, IFR: Matthew Davies Publisher: Nick Herbert Head of production: Clive George Assistant production manager: Nita Webb Client Services: EMEA/Americas (+800 8727 8326) Asia-Pacific (+632 459 1382) Japan (+81 3 5218 7688) Advertising sales Francesca Colombo Stephen Howard, Christophe Pla Leonie Welss Hong Kong Shahid Hamid London (Head Office) Aldgate House, 33 Aldgate High Street, London EC3N 1DL Tel: +44 (0)20 7369 7780 Fax: +44 (0)20 7369 7482 (Editorial) Tel: +44 (0)20 7369 7514 (Sub Sales) Tel: +44 (0)20 7369 7556/7544 (Ad sales) Printed by Wyndeham Grange Ltd © Thomson Reuters 2011 UNAUTHORISED PHOTOCOPYING IS ILLEGAL

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