Investor view: Short peripheral covered bond spreads are well protected, long less so
Arnaud-Guilhem Lamy, portfolio manager and head of covered bonds at BNP Paribas Asset Management, speaks to GlobalCapital about the outlook for covered bond spreads, monetary policy and the market’s interaction with senior preferred and non-preferred.
GlobalCapital: Peripheral spreads are distorted and potentially susceptible to a widening, and secondary levels probably don’t reflect primary clearing levels. But covered bond redemptions are high and issuance is limited. How do you view the outlook for peripheral covered bond spreads? Arnaud-Guilhem Lamy, BNP Paribas Asset Management:
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