德国抵押债券和SSA更新：Pfandbriefe情绪改善，非欧洲超国家机构供应增加33%

GlobalImproved sentiment for Pfandbriefe,regarding the method can be found here.the CB in general.Higher Pfandbrief supply, marked improvement of4bn.scenario, we expect them to outperform Bunds.Supplybynon-Europeansuprasupintotal andinUsDytdDeutsche Bank AGDETAILS. Bernd VolkStrategist+41-44-227-3710Siddharth GargResearch Associate 11 July 2025Covered Bonds and SSA UpdateUSD-denominated supply. With USD 151.3bn equivalent ytd, total supply by non-European supras is 33% higher versus USD 114.1bn in 2024 ytd and compares toUSD 181.9bn equivalent in FY 2024 in total (Figure 1).With USD 91.4bn ytd, the share of USD supply by non-European supras is at 60.4%of their total ytd supply, which is higher than the 56.9% for USD supply share for2024 ytd. Absolute USD supply by non-European supras increased to USD 91.4bnytd, which is 41% higher versus the USD 64.9bn in 2024 ytd.With USD 40.2bn equivalent ytd (versus USD 34.9bn in 2024 ytd), IBRD is thelargest issuer of non-European supra bonds ytd, followed by ASIA (USD 31.4bn)and IADB (USD 18.7bn). Ytd issuance from IFC amounts to USD 17.4bn equivalent,amounts to USD 9bn equivalent, which is higher than the USD 7.6bn equivalent inFY 2024. We expect supply by non-European supras to remain strong. We expectspreads of USD SSA to remain tight versus UST.Page 2 9eCS Figure 1: Amount outstanding and ytd supply by non-European supras compared with 2024 ytd and FY 2024 (USD bnequivalent)OutstandingIssuance, Ytd 2025Issuance, Ytd 2024ssuance, FY 2024USD EquiUSDEURTotalEURUSDGBPOthersTotalEURUSDGBFOthersTotalEURUSDGBPOthersIBRD315.6184.348.33.627.3E'E6.034.94.120.03.07.862.37.041.34.04.29.9ASIA168.1100.614.231.44.116.83.57.025.13.014.12.75.333.14.118.26.6IADB123.192.70.118.70.014.62.31.814.30.09.82.32.221.40.015.13.23.0IFC.78.133.10.817.40.09.13.94.36.00.13.41.41.211.40.15.62.9加配IDAWBG54.224.020.810.95.84.50.00.67.52.34.01.00.115.74.310.01.0AFDB46.122.77.99.01.15.22.00.75.30.63.00.01.77.60.65.00.02.0AlIB19.23.77.31.13.70.61.88.31.14.31.02.09.91.14.81.03.1CAF31.712.76.35.60.13.51.30.76.01.81.81.31.17.01.82.81.31.1ISDB20.217.42.63.60.73.00.00.02.50.52.00.0483.30.00.0NEWDEV15.59.20.1280.01.30.01.81.20.10.20°01.90.02.0CABEI10.65.50.20.01.50.90.01.60.01.4002.50.01.50.0IDBINV9.05.41.71.60.61.00.00.01.50.01.02.20.01.80.00.5EURDEV1.00.00.30.20.00.00.00.20.00.000888880.00.000IINVBK0.40.00.00.00.00.00.00.00.0000.00.00.0BSTDBK0.90.10.30.00.00.00.00.00.08%0.0880.0880.00.08.2NADB1.00.10.00.00.00.00.00.00.00.00.20.00.0Total912.4527.0107.1151.317.291.417.8114.112.6111.232.5Source : Bloomberg Finance LP, Deutsche BankDeutsche Bank AGPage 3 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the ,previous trading session unless otherwise indicated and are sourced from localand other sources. For further information regarding disclosures relevant to Deutsche Bank Research, please visit our globaldisclosure look-up page on our website at https://research.db.com/Research/Disclosures/FlCCDisclosures. Aside from withinDisclaimer.. Investors are strongly encouraged to review this information before investing.Analyst Certificationin this report. Bernd Volk.Page 4 Deutsche Bank AG Additional InformationThe information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites.If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report, oris included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act asprincipal for its own account or as agent for another person.Deutsche Bank may considerthis reportin decidingto tradeas principal. Itmay also engage in transactions,forits own accountincluding strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this researchreport. Deutsche Bank issues a variety_of research products, including fundamental analysis, equity-linked analysis,quantitative analysis and trade ideas.'Recommendations contained in one type of communication may differ fromrecommendations contained in others, whether as a result of differing time horizons, methodologies, perspectives orotherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analystsandprincipaltrading revenues.Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do notnecessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank provides liquidityfor buyers and sellers of securities issued by the com