Covered Bonds
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Market participants gathering in Stavanger will focus on market growth -
The only covered bond issued this week landed with a small new issue premium
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This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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No covered bonds have been issued in primary since Tuesday
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Swiss insurer Helvetia Baloise prints first bond since merger
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Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
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◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
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Bank completes more than half its annual funding before first quarter blackout
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◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
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Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors
