#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