{
  "title": "Denmark: Systemic Issues in Mortgage Loans and Covered Bond Finance: Technical Note",
  "publication": "IMF Staff Country Reports, December 18, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/denmark-systemic-issues-in-mortgage-loans-and-covered-bond-finance-technical-note-42537",
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  "summary": "This technical note analyzes systemic issues in mortgage loans and covered bond finance in Denmark. Mortgage lending has seen significant product innovation in recent years.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This technical note analyzes systemic issues in mortgage loans and covered bond finance in Denmark.\n- Mortgage lending has seen significant product innovation in recent years.\n- Loans with adjustable interest rates and/or interest-only periods had grown to 75 percent and 53 percent, respectively, of total outstanding mortgage loans at the end of 2013.\n- The major changes in the characteristics of the underlying mortgage loans have been reflected in an important evolution of the covered bond market.\n- Traditionally, covered bonds were callable annuities with maturities closely matching those of the underlying fixed rate loans.\n- Adjustable and variable interest rate loans are financed by bonds with short maturities."
    },
    {
      "heading": "Key Findings and Statistics",
      "content": "- Share of total outstanding mortgage loans that were adjustable interest rate loans at the end of 2013: 75 percent\n- Share of total outstanding mortgage loans that had interest-only periods at the end of 2013: 53 percent\n- Length of the technical note: 27 pages\n- Volume: 2014\n- Issue: 349\n- Series: Country Report No. 2014/349\n- DOI: https://doi.org/10.5089/9781498327572.002\n- Stock No: 1DNKEA2014007\n- ISBN: 9781498327572\n- ISSN: 1934-7685"
    },
    {
      "heading": "Evolution of the Covered Bond Market",
      "content": "- Traditional structure:\n  - Covered bonds were callable annuities.\n  - Maturities closely matched those of the underlying fixed rate loans.\n- Recent evolution:\n  - The shift toward adjustable and variable interest rate mortgage products has led to financing via bonds with short maturities.\n\nInternational Monetary Fund. Monetary and Capital Markets Department \"Denmark: Systemic Issues in Mortgage Loans and Covered Bond Finance: Technical Note\", IMF Staff Country Reports 2014, 349 (2014).\n\n---\n\n Content in this bundle\n\n- cr14349\n  - cr14349 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr14349 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 18, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498327572.002",
    "This technical note analyzes systemic issues in mortgage loans and covered bond finance in Denmark.",
    "Mortgage lending has seen significant product innovation in recent years.",
    "The major changes in the characteristics of the underlying mortgage loans have been reflected in an important evolution of the covered bond market.",
    "Traditionally, covered bonds were callable annuities with maturities closely matching those of the underlying fixed rate loans.",
    "Adjustable and variable interest rate loans are financed by bonds with short maturities.",
    "Share of total outstanding mortgage loans that were adjustable interest rate loans at the end of 2013: 75 percent",
    "Share of total outstanding mortgage loans that had interest-only periods at the end of 2013: 53 percent",
    "Length of the technical note: 27 pages",
    "Volume: 2014",
    "Issue: 349",
    "Series: Country Report No. 2014/349",
    "DOI: https://doi.org/10.5089/9781498327572.002",
    "Stock No: 1DNKEA2014007",
    "ISBN: 9781498327572",
    "ISSN: 1934-7685",
    "Traditional structure:",
    "Recent evolution:",
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