Issuers cool on pre-funding despite rising spreads to come
The European Banking Authority (EBA) expects to see a rise in covered bond supply and most market participants anticipate a spread widening, but bankers do not expect issuers to produce a wave of covered bond pre-funding.
Last week the EBA published a report on European banks’ funding plans for the next two years.
Based on a sample of 155 banks, the volume of secured refinancing was expected to grow from €1.5tr in 2016 to €1.6r by the end of 2019, with covered
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