Covered Bonds
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Bank spreads are trading very tightly, but are priced for perfection. Any jolt to interest rate expectations will spoil the party -
Senior-covered spread ratio hits key threshold, attracting real money
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Increase in dollar issuance follows growing fatigue towards euros
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Yields and spreads collapse amid ‘desperate buying’
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The deal offered exceptional value and was increased then tapped
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Senior spreads are tight and covered bonds risk widening further
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Dutch banks are changing the composition of their green pools
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More time needed, but Pfandbriefe cover pools should be safe
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Sticky wage growth and higher net supply may then hit sentiment
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One or two deals may happen next week, but it is unlikely
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Investors check credit line capacity ahead of deal
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Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts
