Covered Bonds
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Liquidity concerns will hamper product's wider adoption -
Canadians to scour different currencies and tenors
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A modest widening in the short end is not likely to pose a problem
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EU may cut its supply forecast again
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Canadian issuer prices the largest covered FRN and first since 2018, as well as the longest rate fixed deal since June
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The issuer’s long absence and competition with TD was unhelpful
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Plotting market turning points is often prone to false starts
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Investors’ aversion to duration shows little sign of abating
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Generous concessions and easy tenors made for smooth sailing
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The short labelled deal from Nordea was exactly what buyers wanted
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All the deals went well, but could have gone better given scarcity and the juicy spread
