Implementation of the European legislative package for the harmonization of covered bonds in Europe and effects on spreads

After the legislative package came into force on January 7, 2020, national legislators have 18 months until July 7, 2021 to transpose the directive into national law. There is then a twelve-month transition period for the application of the respective regulations until July 7, 2022.

Will the implementation of the European legislative package on the harmonisation of covered bonds have an impact on spreads and, if so, what kind?