Covered bonds: surviving the supply drought
Central banking intervention is set to continue shaping the debt capital markets, no more so than in covered bonds which are the target of the European Central Bank’s third purchase programme. This, along with the targeted long term refinancing operations (TLTRO) and negative deposit rates, will lead to lower supply and a further tightening in spreads. Investors and other key market players met in August to discuss the evolution of the market in a roundtable sponsored by Crédit Agricole CIB.
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