It has been a record year for the covered bond market. At the time of writing gross benchmark € issuance has comfortably exceeded €160bn, an amount which has for the most part, been relatively well absorbed. The pace of funding over the first half of 2023 was nothing short of
incredible with issuers looking to lock in funding and investors eager to fill lines ahead of the well telegraphed phasing out of the ECB’s primary market support.