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 ...

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.