Fixed Income Analysis /

Covered Bond & Agency Monitor - Non-EU covered bonds boost gross issuance in 1Q22 (English version)

Franz Rudolf

Head of Financials Credit Research @ UniCredit

Florian Hillenbrand

CFA - Securitization @ UniCredit

31 March 2022

Published by

UniCredit

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Covered bond market telegram: Despite Covid remaining a topic and geopolitical tensions in Europe continuing, 1Q22 issuance of covered bonds reached the second highest level in modern covered bond history. However, secondary markets might be on the verge of softening as the tightening trend in 10Y Bund swap spreads appears to be making a turnaround. Last but not least, we see some indications that the ECB’s CBPP3 portfolio may face new dynamics in the near future.
CBPP3 – any change? While there has been no change made to the CBPP3 itself, the ECB has apparently decided to reduce its share in covered bond primary market deals. How will this affect the assumed purchase targets, and what does this mean for the covered bond market?

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