01903cas a2200241 a 4500 AALejournalIMF014875 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498327572 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. Denmark : Systemic Issues in Mortgage Loans and Covered Bond Finance: Technical Note. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (27 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Loans with adjustable interest rates and/or interest-only periods, which have been introduced since the late 1990s, had grown to 75 percent and 53 percent, respectively, of total outstanding mortgage loans at the end of 2013. The major changes in the characteristics of the underlying mortgage loans have naturally 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. In contrast, adjustable and variable interest rate loans are financed by bonds with short maturities. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/349 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/349/002.2014.issue-349-en.xml IMF e-Library