The ECB´s Asset Purchase Program and Pfandbriefe - Trends and Outlook

Sabrina Miehs, Helaba

It just goes on and on. The picture projected by the Pfandbrief primary market again showed no substantial change in year 2 of the European  Central Bank’s asset purchase program. The ECB’s persistently strong interest in new issues has made the successful placement of, in some cases, large-volume bonds something akin to child’s play for German issuers. Even banks which are not regular issuers of euro-denominated benchmark paper seized the moment of late.