The swap spreads of Pfandbriefe also widened slightly at the start of the new year. Thanks to attractive new issue premiums on the primary market, issuers have also made longer maturities marketable again and transactions by issuers without a track record were also well received.
The survey ended on February 16th.
In mid-February 2024, around half of the 29 participants expected Pfandbrief spreads to narrow again over the course of the year. By contrast, around a quarter expected that spreads would reach a maximum and tend to move sideways or continue to widen