CEE and Dutch covered bonds offer pockets of value

A double-digit spread over mid-swaps is still possible in covered bonds from Poland, Slovakia and Dutch conditional pass-though deals, suggesting scope for performance is strongest in these markets, said bankers on Wednesday.
In the wake of Komercni banka’s €500m 0.01% January 2026 covered bond that was priced at 12bp over mid-swaps, attention has turned to other higher yielding markets in central and eastern Europe. This is especially the case for Slovak deals which, unlike Czech deals, are eligible for the
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