Global Covered Bond Update: Views from the road: Low-key picturesque

Research evidence excerpt

Global Covered Bond Update: Views from the road: Low-key picturesque

J P M O R G A N Europe Credit Research

10 July 2026

Global Covered Bond Update

Views from the road: Low-key picturesque

Europe Corporate Credit - Covered

Bonds and UK Housing

Associations

Suraj Dey, CFA AC

(44-20) 7134-1722

suraj.dey@jpmorgan.com

We have endeavored to comprehensively revamp our covered bond research J.P. Morgan Securities plc

coverage in the past three years. During this time, we have sought to deliver Prakhar Agarwal

timely, insightful and actionable research on the asset-class, combining user- (91-22) 6157 3046

friendly, granular primary and secondary market data with analysis of prakhar.x3.agarwal@jpmchase.com

covered bond fundamentals, updates on regulatory developments, relative- J.P. Morgan India Private Limited

value monitoring versus relevant sectors, and trade ideas. None of these

would have been possible without your continued engagement and valuable

interactions all these years. And yet, to derive further inspiration to keep

doing, and improving on, what we are doing, we are once again seeking your

wholehearted endorsement to recognise our research efforts. If you believe

that our covered bond publications have been interesting and useful to you,

please vote for J.P. Morgan and me with 5 stars in the “Covered Bonds &

Agencies” category under the “Developed Europe: Economics & Strategy”

Voting Area in Extel-Institutional Investor’s 2026 Global Fixed Income

Research Survey, which is running from 6 July 2026 to 24 July 2026; you may

request a ballot by clicking on the banner at the top of this

publication.Thank you for your time and continued support! It truly means a

lot to us.

Since we published our 26H2 Outlook three weeks ago, we have met with