Euro credit supply: Larger financial supply in February

• Supply in February amounted to just €26bn - a slower month relative to the €35bn and €31bn of February 2020 and 2019, respectively.
• So far, in 2021, 82% of supply has been in the 6-year maturity bucket and longer while 53% has been in the 9-year bucket and longer.
• New issue premiums have been little to non-existent this year relative to this time last year (pre-crisis) when new issue premiums were strong
• €30bn in financial bonds (excluding covered bonds) was supplied during the month of February, which is up on February 2020 and January 2021
• Low supply for covered bonds in February with only €1.75bn was supplied, compared to €13bn in January 2021 and €9bn in February 2020.
• In January, we noted that 85% of the new issues were 6-year maturity and longer.

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