Covered Bonds
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Central bank meetings suppress weekly covered bond volumes to their second lowest levels this year -
After widening earlier this year, covered spreads are coming in
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Illiquid secondaries for older deals led the syndicate to look at recent Dutch supply instead
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Issuers expected to favour tight unsecured deals over covered bonds this week
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Demand for domestic covered bonds drives strong outcomes for issuers
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Reopening landed just 0.5bp back of secondary levels
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More credence should be placed on recent deals as secondary curves trade wide of new issues
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More than €10.5bn of orders placed for quartet of covered deals on Thursday
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Investors hungry for exposure to long end of curve are finally fed
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Infrequent issuer's less liquid curve makes judging fair value tricky
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Non-eurozone deals are attracting big books and tight pricing
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Norwegian lender seals five year covered 2bp-4bp through fair value
