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Pfandbriefbanken behaupten sich in schwierigem Marktumfeld
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By Bill Thornhill
08 Feb 2021
The lack of covered bond issuance this year and further European Central Bank buying has depleted dealer trading inventories, causing a short squeeze in bonds eligible for its purchase programme (CBPP3). This has diverted real money interest to higher yielding bonds and those that are not eligible for the programme.
“Dealers are aggressively looking to buy the [CBPP3] eligible market,” said a covered bond trader on Monday.
With the ECB buying around €250m covered bonds a day in the secondary market and primary issuance down 66% year-on-year, spreads for CBPP3 eligible deals other than German Pfandbriefe have moved tighter. This