Focus on Covered Bonds: Outlook 2026 - The Year of the Fire Horse

For 2026, we anticipate EUR 162 billion in new euro benchmark covered bonds. This will be offset by redemptions totaling EUR 157 billion, resulting in a net issuance volume of only around EUR 5 billion. In 2027, the redemption volume is expected to rise to EUR 183 billion, further reinforcing this trend.