Natixis - #11 - Covered Bond Research

Report

Natixis

Jennifer Levy

#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.

28/05/2025 1 EN

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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.

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Analysts

Jennifer Levy

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#11 - Covered Bond Research

Will silver keep outperforming gold?

Buy EnBW 1 7/8 2033 vs. sell RWE 0 5/8 2031

Mid-year Outlook 2025 - "The summer will be hot, the autumn too."

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