Constructive covered bond mood to persist but vigilance still needed
Rates markets have barely reacted in the aftermath of Thursday’s European Central Bank meeting, and covered bond issuance conditions are likely to remain constructive. Despite this, vigilance is required as the positive situation can easily lead to complacency.
The ECB meeting on Thursday delivered little in the way of a surprise. Market participants still widely expect the central bank to press ahead with a tapering announcement in October for implementation from January to December 2018.
The euro’s disinflationary appreciation remains the ECB’s chief concern
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