Wave of negative yielding covered bond supply predicted

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By Bill Thornhill
09 Aug 2019

Covered bond supply is expected to improve from the final week of August, and with more than 90% of the market now trading with a negative yield, a sustained wave of negative yielding issuance is now unavoidable.

The market for negative yielding covered bond supply has been tested several times but never in a serious or sustained way. Berlin Hyp and Helaba have both tested the market. The Canadian Imperial Bank of Commerce accidentally issued a negative yielding deal back in 2016.

However, these ...

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