The securitisation market has only recently caught up to these trends, lagging behind most other segments of the debt market. Issuance has picked up of late and spreads have tightened considerably following the earlier sizeable tightening in covered bond spreads.
Fact is that the broadening of the operational and instrumental framework of the ECB, especially concerning eligible collateral and broad institutional access to central bank liquidity, has created a kind of informal euro area liquidity assistance.