Covered Bonds
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Only ‘something really stupid’ could derail red hot covered bonds -
Canadian lender printed €5.5bn with an €11.2bn book
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After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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◆ The consequences of sovereign retail bonds ◆ Asset managers alter covered bond landscape ◆ Ramadan drives Gulf deal surge ◆ One word: plastics
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Why lock in a high spread just because primary conditions are stellar?
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New investor base hungry for periphery and non-standard covered products
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There is a strong investor bid for non-eurozone names
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Hamburg-based lender’s latest 10 year more than four times covered
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Over €12.5bn of orders pledged for rare and tightly priced covered bonds
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Debut €500m five year deal spotted up to 7bp through reoffer in the grey market
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Smaller, weaker FIG issuers bathe in spotlight as anything and everything sells
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Investors are hungry for higher yielding FIG bonds
