Covered Bonds
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Buyers grapple with falling interest rates
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National champion status made it a natural fit for a 10 year
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Issuer adds bells and whistles after plethora of seven year issuance
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Austrian issuer takes rewarded for cautious approach amid busy pipeline and Sigma fallout
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The issuer paid its highest spread on a covered bond since September 2012
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A further four banks will follow on Wednesday, including one with a 10 year deal
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There should be a busy start to the new year, but falling rates and widening spreads might spoil the party
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LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements
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Canadian banks are expected to be one of the largest issuer groups in the asset class as they diversify across currencies
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The bank's plan to issue a seven year covered bond sets the stage for likely head to head execution with LBBW
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The seven year Pfandbrief will offer the longest covered bond for more than four months
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French, German and Dutch banks are forecasted to print a combined benchmark volume of around €75bn, with 2024 looking like another year of positive net supply