Credit Special

Focus on Credit: Primary market update on covered bonds and senior unsecured bank bonds Q4 2025

High maturities have driven the volume of senior unsecured issues to record levels. In the covered bond segment, prefunding ahead of a busy 2026 led to a wave of issues in November. Negative net issues in the fourth quarter led to rising oversubscription rates in the covered bond segment.

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  • Focus on Credit: Primary market update on covered bonds and senior unsecured bank bonds Q4 2025
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