Negative yielding covered supply expectations rise

stocks down negative adobe stock
By Bill Thornhill
04 Jul 2019

Covered bond yields plunged further on Thursday, and with the European Central Bank's covered bond purchase programme (CBPP3) expected to be reactivated, it seems likely that negative yielding covered bond issuance will soon extend to issues outside Germany.

German Pfandbrief issuers have, until now, been the main source of negative yielding deals. After Berlin Hyp issued two deals in 2016 and 2017, Helaba followed on June 26 with a €750m five year then Deutsche Hypo with a €250m seven year tap.

Negative yielding German ...

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