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ECB's covered bond exposure shifts away from southern Europe

ECB adobe stock AS 230x150
By Bill Thornhill
11 May 2021

The European Central Bank is struggling to maintain its exposure to peripheral European covered bonds this year, due to falling issuance, and has therefore increased its exposure to core European markets. This trend is set to continue, as supply will remain muted — even though banks are running out of eligible collateral to pledge for repo funding.

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By Bill Thornhill
11 May 2021