Pfandbriefe could widen as Bund-swap spread grinds tighter

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Pfandbriefe could widen as Bund-swap spread grinds tighter

Timo Werner (Germany)                    during the Uefa Uefa Nations League 2022_2023  match between Germany 5-2 Italy at
Borussia-Park Stadium on June 14, 2022 in Monchengladbach, Germany. (Photo by Maurizio Borsari/AFLO)

◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely

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