Increase in private housing in Austrian CP

Stagnation in assets and decline in covered bond volume continues

In 1Q 2025, the total volume of cover pools of Austrian issuers increased marginally by 0.9% year-on-year to EUR 165.0bn. EUR 27.1bn of this was attributable to public cover assets and EUR 137.8bn to mortgage cover pools (CP). Here, the public CP recorded growth of 3.8% and the mortgage-backed assets increased by just 0.3%. In the comparative period of 3Q24, the increase in public CP was as high as 5%, while mortgage CP stagnated at 0.1%. In terms of total volume, however, growth was well below the long-term average.

The volume of outstanding covered bonds (CB) amounted to EUR 111.7bn in 1Q25, which corresponds to a decline of 3% or EUR 3.4bn compared to the previous year. While mortgage CBs declined by 4.8% y/y, public CBs grew by 6.8%. Compared to 3Q24, the total volume declined by 0.9% (-1.5% mortgage CB and +2.3% public CB). The overcollateralization increased further to 47.7% due to the declining CB volume.

Private housing increases, CRE share continues to decline

The mortgage cover pools of domestic issuers in Q1 25 were divided into EUR 97.5bn from private housing and EUR 39.9bn from commercial housing. While private housing saw an increase of 2.25% compared with the previous year, the share of commercial real estate declined by a further 5.0%. This led to a percentage decline in the CRE share of the total value of cover pools from 30.6% to 29.0%.

Download The Full Cover Pool Reporting 1Q 2025