Core, not periphery, may be hit by CBPP3 withdrawal

Good and bad_230px
By Bill Thornhill
31 Jan 2018

Covered bonds issued this week undermine the assumption that peripheral markets are likely to be more vulnerable to a spread widening when the European Central Bank cuts net purchases to zero under the covered bond purchase programme (CBPP3).

Deals issued this week by core European banks have relied more heavily on support from central banks than those from the periphery, where private demand has been bolstered by the positively evolving country credit story. 

This dynamic is at odds with the conventional view that peripheral covered bonds are ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.