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Swap Spreads – quo vadis?

Pfandbrief spreads are still generally at rather moderate levels. In the next year, supply on the primary market will be somewhat lower than in the "record year" coming to an end. At the same time, the start of the ECB's planned balance sheet reduction will eliminate demand. In contrast, traditional investors are returning to the market. The uncertain market environment with inflation and interest rate risks as well as the geopolitical headlines make 2023 a challenging year, too.

How will this affect Pfandbrief risk premiums? Over the year as a whole, the swap spreads of Pfandbriefe will

54 Participants

  • 33

    hardly change (+/-10 bp).

  • 13

    narrow by more than 10 bp.

  • 54

    widen by more than 10 bp.