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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
Central and Eastern Europe earmarked as an area of growth by market participants
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
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The European Central Bank’s Targeted Long Term Refinancing Operation may never disappear, but the central bank will find it difficult to maintain record-breaking interest rates on its loans as the economy recovers from the pandemic. As the terms of the liquidity scheme surely begin to tighten, issuers will have a greater incentive to repay TLTROs and switch to market funding. -
The volume of retained covered bond issuance used for European Central Bank repo purposes exceeds distributed by many times in several countries. While this repo has provided a welcome boost to bank profits, it has come at the expense of long-term banking sector stability.
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Private placements are expected to make up the bulk of Swedish covered bond paper throughout the latter half of 2021 and, with the Nordic summer holiday period coming to end, issuance from the region is expected to kick off ahead of the eurozone.
