Covered Bonds
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Chilean bank targets gap in the market with three year deal
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Senior unsecured and SSA buyers spot arb chance
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Swiss market shakes off January blues to offer size and tightening prices
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Deal was largest sterling covered bond from a non-UK bank since May
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Crédit Agricole Italia, SaarLB, OP and Tirol greatly boost covered confidence
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UK and Nordic currencies offer a cost-effective alternative
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SaarLB to test demand with year’s first 10 year Pfandbrief
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At least one issuer is eyeing 10 years and more Austrian banks are expected
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BPCE, Mediobanca and BayernLB all delivered on mandates revealed last week
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◆ SSAs throw etiquette out of the window in rapid start to year ◆ Banks blind-sided by sudden correction ◆ Mixed fortunes for corporate issuers
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Mediobanca, BayernLB, BPCE reserve primary market spots as others are expected to bring a deluge of issuance next week
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Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance