Covered bonds unthreatened by TLTRO III

Frankfurt Germany ECB building sunset from PA 230x150
By Bill Thornhill
07 Jun 2019

Europe’s peripheral banks are likely to make most use of the third Targeted Long Term Refinancing Operation (TLTRO III), but covered bond issuance's prospects look strong, said bankers after the European Central Bank’s meeting on Thursday.

Three bankers said that core European issuers, which generally hold excess liquidity with the ECB, are less likely to use the new facility. However, peripheral issuers, which were among the heaviest users of previous TLTRO’s, would use TLTRO III.

The ECB said on Thursday that the interest ...

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