ECB kills covered bond secondary turnover

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By Bill Thornhill
12 Oct 2020

Secondary covered bond market turnover has fallen since the European Central Bank's Covered Bond Purchase Programme (CBPP3) began, with the ECB accounting for an unprecedented proportion of overall turnover, according to a report published in the European Covered Bond Council’s fact book, published last Friday.

Based on trading volume data aggregated from Trax and Bloomberg, total euro trading volume amounted to €201bn for the 12 months to March 2020, giving a weekly average of €4bn or 0.4% of outstanding volume. 111,000 transactions were conducted, giving an average ticket size of €1.8m.

These ...

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