DBRS Morningstar’s Assessment of European Jurisdictions for which Covered Bonds are Considered Systemically Important

DBRS Morningstar has added Portugal to the list of European jurisdictions which it considers to be reliant on covered bonds (CBs) as a systemically important financing instrument following the introduction of new CB legislation. The move comes after a review of outstanding CBs, issuance levels and established legal frameworks across Europe and sees Portugal join a list that also includes Denmark, France, Germany, Ireland, Italy, Spain, and Sweden.