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Extension of TLTROs in 2022?

Covered bonds are one of the largest asset classes submitted to the ECB at mid-year 2021, with a portfolio of almost € 700 billion. Within the framework of the targeted long-term refinancing operations (TLTRO 3), issuers are offered very favourable conditions and an interest premium of 1 % from June 2021 to June 2022 if they achieve certain benchmarks in their lending business.

Will the ECB extend further tranches of TLTRO 2022 and/or grant the 1% interest rate premium beyond June 2022?

25 Participants

  • 24

    No, the ECB will neither tender further TLTRO 3 tenders nor grant the interest rate premium beyond June 2022.

  • 20

    No, the ECB will not extend any further TLTRO 3 tenders, but it will grant the interest rate premium beyond June 2022.

  • 56

    Yes, the ECB will extend new TLTRO 3 tranches in 2022 and continue to grant the interest rate premium beyond June 2022.