---
title: "SSA and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssa-and-financials-weekly-market-update-38
type: dd_research
language: en
updated: 2026-09-28
keywords: Renten, Weekly Market Update_englisch
---

# SSA and Financials: Weekly Market Update

Focus on: SSA & Financials 4 August 2022 © Helaba | Research & Advisory | 4 August 2022 1 of 7 Research & Advisory Weekly Market Update Primary market environment: Risks are still shaping the market environment, even though there is temporary relief in the meantime. The development of energy prices remains a domi- nant topic. It remains to be seen what geopolitical impact Nancy Pelosi's visit to Taiwan will ulti- mately have. After risk aversion dominated in recent weeks, our spread indicator shows a short-term recovery. Non-preferred senior bonds were among the underperformers in recent days. Primary market barometer Sources: Helaba Research & Advisory With temperatures approaching 40 degrees, it seems understandable that SSA issuers are staying away from the market and taking a sum- mer break. The recently somewhat gloomier general conditions are also contributing to the current lull in is- suance. The covered bond primary market is currently characterised by low activ- ity. In this respect, it is not surprising that the only new issue this week - DekaBank's subbenchmark - met with strong demand. The primary market for senior unse- cured bank bonds remains in the dol- drums. The volatile market environ- ment is compounded by the blackout period due to the ongoing Q2 2022 reporting season and the general summer break. Covered Bonds Senior Unsecured SSA Short-term relaxation Spread trend indicator\*, ASWspread change versus … \*ASW levels standardized and 2T-smoothed, since 14.2.22 changed calculation of ASW levels by Markit. Sources: Refinitiv, Helaba Research & Advisory IBOXX EURO 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0,12 -0,30 -0,17 -0,06 -2,49 -3,46 European Union -0,05 -0,07 0,16 0,85 0,27 -0,60 Germany Covered -0,02 -0,04 0,29 0,56 0,46 -0,50 EU Covered -0,01 -0,02 0,08 0,21 0,21 -0,06 Banks senior preferred 0,01 -0,42 -1,21 0,16 1,72 0,49 Banks senior bail-in (SNP) 0,04 -0,28 -1,09 0,05 1,74 0,39 Banks subordinated -0,01 -0,32 -0,97 -0,04 1,43 0,23 Supranational -0,03 -0,06 0,17 0,72 0,11 -0,44 Agencies 0,00 -0,17 -0,12 0,23 -0,77 -1,27 Sub-Sovereigns Germany -0,02 -0,03 0,28 0,18 -1,09 -1,40 Sub-Sovereigns -0,02 -0,13 0,12 0,49 -0,42 -1,14 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 August 2022 2 of 7 SSA Today's commentary on the SSA segment is brief. There were no primary market issues or other newsworthy events this week. Outlook: Overall, the summer break is likely to keep issuers on the sidelines. The pipeline for the coming week is currently empty. Nevertheless, it cannot be ruled out that one or the other issuer will show itself should an opportunity arise to become active. Covered Bonds Due to the summer break, primary market transactions are currently very limited. A sustained revival is not expected in the coming weeks, although the lights are still green. lights are still green. DekaBank's three-year sub-benchmark, for example, enjoyed very strong market interest. The book was nearly nine times oversubscribed, so that the bond came to the market with a relatively low new is- sue premium and was priced at MS-1. It seems that investors continue to have plenty of free capital looking for attractive investment opportunities. In addition, it is once again evident that German Pfandbriefe continue to be very popular with investors. The same is cur- rently true for French and Dutch securities. Bonds from Austria are also in focus in the interbank market. Beyond mainland Europe, trading in Canadian securi- ties is well balanced, while bonds from the Pacific re- gion are showing some restraint. This may be due to the uncertainties surrounding Nancy Pelosi's visit to Taiwan and the possible increase in tension between China and the US. Should there be an escalation be- tween the two countries, market volatility would in- crease again and lead to a (significant) widening of spreads, especially for Asian securities. Outlook: The pipeline for the coming week is currently empty. The ECB was again active on the buy side with a view to the September maturities. Within the framework of APP, the covered bond portfolio (CBPP3) was increased by EUR 241 million compared to the previous week. In the context of the ECB, the so-called "first line of defence" of the central bank should be mentioned here. Statistics available on a bimonthly basis show that net holdings of German, French and Dutch bonds fell by EUR 18.9 billion by July. Net purchases of bonds from Italy, Spain, Portu- gal and Greece thus totalled EUR 17.3 billion. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication none Sources: Bloomberg, Helaba DCM €-SSA-Issues week of 1 August 2022 Dutch and French covered bonds: pause in spread widening ASW-Spread left scale Quellen: Bloomberg, Helaba Research & Advisory 0 5 10 15 Netherlands Covered France Covered "The trend towards tighter swap spreads is still in tact with quite reasonable turnover. The motivation of the active market participants is certainly determined by relative value considerations, especially since the valu- ations compared to government bonds remain high. Moreover, there is currently no glut of supply in sight from the primary markets. DekaBank's three-year sub-benchmark hit the nerve of the time yesterday, regis- tering a large order book in view of a nice premium. The bond was then priced at MS-1, but is now trading in the market in the MS-11 range." Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 August 2022 3 of 7 Senior Unsecured The primary market for senior unsecured bank bonds remains in the doldrums. The overall difficult market environment is compounded by the general summer break and the blackout period due to the ongoing Q2 2022 reporting season. Earnings are quite stable; most banks' results are above expectations. Most encouraging is that the outperformance is driven by high-quality revenue components and robustly low problem loan ratios. Rising interest rates and high loan growth are fueling net interest income. However, some banks expect the economic environment to deteriorate and are therefore concerned about the outlook for the rest of the year. Outlook: Institutions have yet to meet their issuance plans for this year. High maturities and strict regulatory re- quirements for bail-in capital are creating further refinancing needs. Despite the current lull in the primary market, we assess the market as "receptive" and expect sporadic activity in the coming week(s). As the reporting season draws to a close, more and more issuers will also be in a "technical" position to take advantage of any issuance windows that present themselves. The end of the summer break at the end of August should provide further stim- ulus. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 1,125% Dekabank Aaa /-/- 0,250 Mrd. 11.08.2025 ms -1 Bp 02.08.2022 2,200 Mrd. ms + 4 area Quellen: Bloomberg, Helaba DCM €-Covered Bond-Issues week of 1 August 2022 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication none Sources: Bloomberg, Helaba DCM €-Senior Preferred-Issues week of 1 August 2022 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication none Sources: Bloomberg, Helaba DCM €-Senior Non-Preferred-Issues week of 1 August 2022 Issuer Date Issuer Date Banca Monte dei Paschi di Siena 8/5 Aareal Bank 8/10 pbb Deutsche Pfandbriefbank 8/9 SpareBank 1 SR-Bank 8/11 ABN AMRO Bank 8/10 KBC Group 8/11 Cooperative Rabobank 8/10 Sparebanken More 8/11 Sparebanken Vest 8/10 Sparebanken Sor 8/12 Quellen: Bloomberg, Helaba Research & Advisory Reporting dates of selected banks “Cash spreads thightened on a weekly basis. The preferred segment benefited disproportionately compared with non-preferred paper. In particular, preferred bonds of French, German and Scandinavian banks recorded a strong performance with a 12-15 bp narrowing. However, capital flows were below average, thus typical for the summer and vacation season. ETF funds were again the most active group. “ Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 August 2022 4 of 7 Short news 8/3 Credit holiday in Poland: Roughly 500,000 mortgage holders in Poland have already applied to participate in the government's mortgage repayment deferral scheme, Reuters reported, citing Prime Minister Mateusz Morawiecki. The official said the local banking sector is well capitalized and warned lend- ers against making attempts to discourage clients from participating in the scheme. 8/3 Russia exposure: French lender Société Générale SA swung to a second-quarter group net loss of 1.48 bn EUR from a year-ago net income of 1.44 bn EUR, as it booked a pretax charge of 3.3 bn EUR relating to the disposal of Russian unit PJSC Rosbank and its insurance subsidiaries in Russia. 8/2 Russia exposure: Austria's Raiffeisen Bank International keeps Russian unit options open as strong ruble drives Q2 earnings. 7/28 Temporary tax for Spanish banks: The ruling coalition in Spain formally introduced draft legislation for the planned imposition of temporary tax on banks' profits to aid the country in coping with the worsening cost-of-liv- ing crisis. The proposal aims to set a 4.8 % levy on both net interest income and net commission income of banks with 2019 turnovers of 800 m EUR or higher. Additionally, the tax cannot be passed on to customers and banks can be penalized by up to 150 % of the amount if they charge it to clients. 7/28 UK banks and state-guaranteed COVID-19 loans: British banks have so far made claims of 352 m GBP from the government to cover losses on state-guaranteed COVID-19 loans, according to data from the Department for Business, Energy and Industrial Strategy \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory, \* ASW-Spreads Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 130 3,77% 8,02% iBoxx € Cov. Germany 2,9 -0,5 1,3 iTraxx Senior Financial 128,8 -2,2 9,6 10Yr-Yield 0,86 -0,07 -0,30 iBoxx € Cov. Bonds 11,0 -0,6 1,7 iBoxx € Supranational 1,1 -0,93 1,05 Swap 10J 1,69 -0,07 -0,32 iBoxx € Banks PS 68,7 -8,4 -26,7 iBoxx € Agencies -16,9 -2,42 -2,61 iBoxx € Germany -78,1 -1,87 -2,65 iBoxx Banks NPS 107,5 -7,7 -31,0 iBoxx € Sub-Sov. Germany 3,8 -0,50 3,29 iBoxx € EU 0,1 -1,19 0,80 iBoxx Banks Subordinated 186,3 -19,2 -63,2 iBoxx € Sub-Sovereign 15,9 -1,73 0,59 Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 August 2022 5 of 7 GlobalCapital Covered Bond Awards 2022 Take part in the voting for this year's "Global Capital Covered Bond Awards" by 5 August! Votes for Helaba in the categories "Deal of the Year" and "Best Bank for Distribution" via this link would be very much appreciated. Leisure tip for the weekend: Moyland Palace Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source:www.moyland.de Moyland Palace in the district of Kleeve is a moated palace near Bedburg-Hau and is one of the most important neo-Gothic buildings in NRW. The four- winged main building, which today hosts a museum café and numerous exhi- bitions, is surrounded by a large park on the northern Lower Rhine. A major focus of the museum is the collection of almost 5,000 works by Joseph Beuys. On August 7, 2022, the anniversary celebration of the 25th year of existence of the museum will take place. In a summery open air atmosphere there will be guided tours as well as artistic performances. Admission is free. More information: Moyland Palace Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 August 2022 6 of 7 Chartbook SSA, Covered Bonds, Senior Unsecured SSA: Primary volumes SSA: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW in bp Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 50 100 150 200 250 300 350 400 0 50 100 150 200 250 300 350 400 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2020 2021 2022 -20 -10 0 10 20 30 -20 -10 0 10 20 30 Aug. 21 Okt. 21 Dez. 21 Feb. 22 Apr. 22 Jun. 22 Aug. 22 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Covered Primary volumes Covered Bonds: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW in bp Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 20 40 60 80 100 120 140 0 20 40 60 80 100 120 140 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2022 2020 2021 -4 -2 0 2 4 6 8 10 12 14 -4 -2 0 2 4 6 8 10 12 14 Aug.21 Okt.21 Dez.21 Feb.22 Apr.22 Jun.22 Aug.22 EUR Covered Covered Germany Senior Primary volumes Senior Unsecured: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread in bp Sources: Bloomberg, Helaba Research & Advisory Sources: Bloomberg, Helaba Research & Advisory 0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90 100 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2021 SP 2020 SP 2022 SP 2020 SNP 2021 SNP 2022 SNP 0 50 100 150 200 250 300 0 50 100 150 200 250 300 Aug.21 Okt.21 Dez.21 Feb.22 Apr.22 Jun.22 Aug.22 Banks Subordinated Banks Senior Bail-in Banks Senior Preferred Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 August 2022 7 of 7 News from Research & Advisory  FOCUS ON: COVERED BONDS – EUROPEAN COVERED BONDS: CENTRAL WEBSITE PROVIDES CLARITIY  FOCUS ON: CREDITS – LIVE DEALS – A USEFUL INDICATOR FOR PLANNING ISSUANCE  FOCUS ON: CREDITS – PRIMARY MARKET UPDATE EUR BENCHMARK BANK BONDS: Q2 2022  FOCUS ON: CREDITS – EUROPEAN BANKS: CLIMATE RISK STRESS TEST HIGHLIGHTS NEED FOR FURHTER ACTION  EUR CORPORATE BONDS: PRIMARY MARKET Q2 2022  EUROPEAN BANKS: ACTIVITIES BECOMING EVER GREENER  IMPLEMENTATION OF THE EU COVERED BOND DIRECTIVE: SPAIN VERSUS FRANCE AND GERMANY (VIDEO)  IMPLEMENTATION OF THE EU COVERED BOND DIRECTIVE – STATE OF PLAY: AUSTRIA VERSUS FRANCE AND GERMANY (VIDEO)  IMPLEMENTATION OF THE EU COVERED BOND DIRECTIVE – STATE OF PLAY IN FRANCE AND GERMANY (VIDEO)  COVERED-BOND-LAWS: IMPLEMENTATION OF THE EU REGULATION (VIDEO) Team of authors Publisher and editorial office Helaba Research & Advisory Editor: Stefan Rausch Corporate Research & Advisory Responsible: Dr. Gertrud R. Traud Chefvolkswirtin/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main T +49 69 / 91 32 - 20 Internet: www.helaba.com Disclaimer This publication has been prepared with the greatest care. However, it contains only non-binding analyses and forecasts of current and future market conditions. The information is based on sources which we consider to be reliable, but for whose accuracy, completeness or up-to-dateness we cannot assume any liability. All state- ments made in this publication are for information purposes only. They must not be understood as an offer or recommendation for investment de- cisions. Here you can subscribe to our newsletter: https://news.helaba.de/research/ Dr. Susanne Knips Senior Credit Analyst T 069/91 32-32 11 Sabrina Miehs, CESGA Head of FI & SSA Research Senior Advisor Sustainable Finance T 069/91 32-48 90 Christian Schmidt Covered Bond & SSA Analyst T 069/91 32-23 88

SSA: Issuers take a summer break. Covered Bonds: German Pfandbriefe still very popular with investors. Senior Unsecured: Continued lull in issuance, reporting season drawing to a close.