What could possibly go wrong?
This week’s slate of covered bonds saw record after record broken — a mania that was evident across the whole FIG sector. With European rates set to remain at their lows throughout next year and the macroeconomic backdrop continuing to improve, it is difficult to see what could spoil the party.
Covered bonds issued this week by French and German issuers were priced at the tightest levels this year, a Norwegian deal attracted a record oversubscription for the region and an Italian borrower issued its longest and largest deal yet.
These are halcyon days for the primary
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