THE NORMALISATION PROCESS IN COVERED BOND MARKETS HAS BEGUN (FINALLY)

"The Times They Are A-Changin'": The title of this Bob Dylan classic certainly goes well with many current developments in the world. The covered bond market is definitely one of them: After years of low action and high predictability, since the start of 2022 the tide has turned. The following article provides a in-depth analysis of recent trends and moreover attempts an outlook. Considering the highly volatile times, the latter is unsurprisingly difficult. Yet the author does …