Look for:

Our offer for

Markets by Region

2022/12/06 / Erste Group Research
Covered Bond Outlook 2023

Covered Bond Outlook 2023

The covered bond market saw a new record volume of new issues this year. For 2023, we expect issuance activity to be above average as well, although the volume is likely to be somewhat below this year's record at an estimated EUR 180-190bn.

For the coming year, economic development, a progressive withdrawal of the ECB and covered bond supply should be the main factors influencing covered bond spreads. We expect the previous trend of wider covered bond swap spreads to continue in the coming year, although not necessarily with the same momentum.

Based on the strong price increases of recent years, we believe that the European residential real estate market may see a correction in residential real estate prices in the individual countries. In the event of a normalization at a price level similar to that before the Corona pandemic, there would not necessarily be a sharp rise in loan defaults, especially if there is no sharp downturn in the currently still stable labor market.

PDF Download Download PDF (317kB)

General information

AuthorErste Group Research
Product typeweekly / bi-weekly
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Market cap-
AvailabilityAll [1]

Analysis and Forecasting

Date HeadlineDownload
2023/01/27enWeek AheadPDF Download
2023/01/27csAkciové trhy - denní zprávaPDF Download
2023/01/27csRanní restartPDF Download
2023/01/26enHypo Tirol Bank AGPDF Download
2023/01/26csCZ Ranní restartPDF Download


We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. Please read more information here


Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer