Identity crisis


Although demand for German covered bonds (Pfandbriefe) primarily blows hot and cold based on Bund swap spreads, credit quality is an additional factor that is weighing much more heavily on the sector. Tight swap spreads and concerns over credit quality represent the worst sort of combination, but that is what the market is facing currently.

“It is not easy to sell this credit at the moment,” says Christoph Anhamm, covered bond analyst at ABN Amro in Frankfurt. “We are now seeing pretty tight

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