Spread development in the Pfandbrief market

Pfandbrief spreads widened after the onset of the COVID-19 pandemic in Europe in March this year. However, they have narrowed appreciably in recent weeks.

In view of TLTRO III, CBPPIII and PELTRO, what spread development do you expect on the Pfandbrief market up to the end of the year? The swap spreads of Pfandbriefe will: