Pfandbrief spreads have widened since the late summer of 2024. At the start of 2025, benchmark transactions were several times oversubscribed and secondary market levels stable after a break of more than 70 days on the primary market. Is the spread widening in the Pfandbrief market complete by now?
The survey was closed on January 31, 2025.
Result:
In view of the level that Pfandbrief spreads have reached since late summer 2024, only a minority of one-fifth of the participants believe that the trend towards widening will continue until mid-year. Partly due to robust demand and limited supply at the beginning of the year, around two-fifths of survey participants expect covered bond spreads to be lower or around the same level as at the beginning of the year.