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Primary market for Benchmark Pfandbriefe: Above or below 2022 at year-end?

Pfandbrief issuers have been very active in the primary primary market for liquid issues. The volume was above the corresponding figure for the very good previous year throughout the first 8 months. In mid-September though, sales fell below 2022ytd for the first time: At currently Eur33.3 billion (as of 21 Sep), the volume is more than Eur2 billion below the corresponding figure for the previous year (Eur35.6 billion).

The survey is closed as of 6 October.

Result: In view of the stagnation on the primary market, a thin majority of participants believe that issuance dynamics in Q4 will not keep pace with those of the previous year and that the 2023 volume of liquid Pfandbrief issues will come in below the very good result of the previous year.
To the contrary, despite low sales in September, almost half of the replies state benchmark issuance in German Pfandbriefe to pick up until the end of the year and to exceed previous year’s figure of EUR 43 billion.