Report
#11 - Covered Bond Research
Monthly wrap: In May 2025, euro benchmark covered bond issuance saw a significant increase , with total supply reaching €19. 5bn —a month-on-month increase of 72 % and a year-on-year rise of 11% compared to May 2024. This represents the highest monthly issuance for May since 2023. In terms of spread performance, covered bond spreads tightened by c. 2 bp vs swap in May based on iBoxx indices. In terms of relative value compared to Sovereign bonds, French covered bonds now trade with a pick-up vs OAT for maturities up to 10 years.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Jennifer Levy
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