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Issuance window is open and conditions are great but issuers stand pat
After a poor start to 2025, a strong second quarter helped lagging covered supply get back on track
Deal expected to be among the last before summer slowdown with volatility tipped to threaten primary market
Further covered deals expected but demand could skew towards riskier paper
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New issuance to grind to a halt as issuers waiting for regulatory clarification over the EU's Covered Bond Directive must update documentation
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Covered bond directive implemented with lightening speed
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Deals pushed back until September as covered bond spreads widen
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'Significant' ECB covered bond buying to stay despite cutting order by a third
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No tightening until market stabilises with new issues to dry up
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Central bank rate decision will provide clarity on deal parameters and issuance volumes