Banks' Massive Debt Splurge Brings Its Own Set of Dangers [BNN Bloomberg (Canada)]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
Company Research
Source: BNN Bloomberg
That flood of supply brings its own dangers. With lenders facing about €250 billion ($271 billion) of repayments to the European Central Bank this week, many are turning to so-called “covered” bonds — debt that's backed by assets such as mortgages — to help fill funding gaps. Rampant demand for corporate credit right now means banks have been able to use these sales to partly replace cheap pandemic loans. But some market participants wonder whether the asset class may be nearing a saturation point, and worry what will happen if the current euphoria for all types of corporate credit starts to fade. Hedge funds have piled into the bonds, too, creating anxiety about banks having to depend on so-called “fast money” and on the robustness of the assets securing the debt. The supply gusher has become so extreme that buyers may risk hitting “limits on how many covered bonds they can buy from a single issuer,” according to Maureen Schuller, head of financials sector strategy at ING Groep
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