Banks in Europe are issuing a particular type of bond in droves, locking in super low borrowing costs ahead of possibly tighter monetary policy in 2022.
Issuance of covered bonds—a type of debt sold by lenders—recently rose to the highest monthly level since before the pandemic began, according to data from Natixis. Banks sold 20.8 billion euros’ worth, equivalent to around $23.5 billion, in September and 13.6 billion euros in October. In December, banks sold more than last year, although
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