DZ HYP：2025-2026年德国债券市场报告（英文版）

In the first three weeks after the summer break on the primary market, a total of 25 new large-volume covered bond issues were launched, of which only three were from Germany. Before the summer break, a whopping 31 of the 129 (or 22.5 per cent) new benchmark bonds were issued on the pfandbrief market. German issuers appear to have frontloaded their primary market activities and issued their new bonds in the first half of the year and thus utilised potential windows. With the international tra