Covered supply to fade after busy September as TLTRO sets in

By Bill Thornhill
07 Aug 2014

Issuers expect that covered bond issuance after the summer break will be front-loaded, with a busy September likely to be followed by a quiet fourth quarter.

Issuers will be anxious to fill their market based funding needs ahead of the European Central Bank's asset quality review (AQR). Thereafter, the cheap funding that will be provided by the targeted long term refinancing operation (TLTRO) is expected to reduce  wholesale funding requirements.

“We’ll see a lot ...

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