Covered Bonds
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Stadtsparkasse München to test demand for five year Pfandbrief -
The ground breaking deal sent a green light to other UK issuers
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The spread was closely calibrated to ensure critical domestic demand
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Deal becomes the most subscribed German covered bond for two months
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Santander makes case for G-Sib issuance but bankers insist minnows can price unsecured too
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Achmea and SMTB lacked traction as issuers left to mull cooling sentiment
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Novelty and high quality asset pool fueled demand for the bumper print
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Demand was less than the previous French duo, but compelling for the larger deal size
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The EU's deals may perform further, but not for long, believe traders
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Cover ratios, price traction and premiums are all moving in issuers' favour
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◆ Senior euro funding pushed back in favour of covered bonds ◆ Both issuers and investors show preference for high grade products ◆ BPCE picks the US for a quadruple Yankee as sentiment recovers
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Local market deal will help the bank's domestic entity to fund cheaply and independently
