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FIGCovered Bonds

ECB's covered bond exposure shifts away from southern Europe

ECB adobe stock AS 230x150

The European Central Bank is struggling to maintain its exposure to peripheral European covered bonds this year, due to falling issuance, and has therefore increased its exposure to core European markets. This trend is set to continue, as supply will remain muted — even though banks are running out of eligible collateral to pledge for repo funding.

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