Report
Jennifer Levy

#13 - Covered Bond Research

A total of €10 1.4 bn in euro benchmark covered bonds has been issued year to date , down 3% compared to last year . The sustained supply in May and June allowed to reduce the shortfall compared to last year. That said, despite this positive trend, euro benchmark covered bond issuance should range between € 140 to 150bn , revising our initial forecast downward (initially €150 to €160bn) . This will result in another €40 to 50bn in H2 2025. On June 18, 2025, Deutsche Pfandbriefbank announced its strategic decision to exit the U.S. commercial real estate market , redirecting its focus exclusively towards European markets
Provider
Natixis
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.

 

Analysts
Jennifer Levy

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