Covered bond market welcomes central bank scheme to inject EUR60bn in liquidity

Primary issuance soared in May as the covered bond market reacted positively to the ECB's plans to introduce a quantitative easing programme to buy back assets.

As Credit went to press full details of the European Central Bank's plan, announced on May 7, to purchase EUR60 billion of covered bond assets had not been released into the public domain at the Bank's meeting on June 4, but the undertaking's effects were already in evidence.

Primary market activity has renewed (see chart), both in

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