Primary sales Eur benchmark Pfandbriefe

The liquid Pfandbrief segment performed comparatively well in the course of 2021. After a rather quiet first half of the year with a volume of € 8 billion in the primary market, activity has picked up noticeably since the end of June. By mid-November, at € 17.5 billion, the full-year result for 2020 has almost been reached (€ 18.8 billion). In 2019, the last full year before the outbreak of the pandemic, benchmark Pfandbriefe with a volume of € 26 billion came to the market. For Eur covered bond benchmarks as a whole, analysts expect a volume of around € 120 billion in 2022 following a double-digit result in the current year. This compares with maturities of € 137 billion. What is your estimate of the volume of Eur benchmark Pfandbriefe in 2022?