Covered Bonds
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◆ Euro FIG supply not expected to restart until Wednesday ◆ Investors are in the driver's seat ◆ Rates uncertainty dampens outlook -
Better to lock in funding now than wait, as spreads set to move higher
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Covered bonds, SSAs widen on concerns about rates and Italy's budget deficit
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Funding was cheaper than euros, if smaller
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Smaller issuers are struggling to attract investors' attention
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KfW's long seven year in SSA market could indicate whether covered deals too could extend beyond five years
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Investors spying peak rates are packing the new issue market, tempting issuers to accelerate
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Belgian lender pays up to land €2bn book for three year Pandbrieven deal
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Italian banks flock to the euro bond market to refinance before TLTRO deadlines
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Issuer completes sterling funding at better levels than its recent euro outing
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Each issuer offered much wider spread than core covered bonds and at least 10bp of premium to ensure successful execution
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Deal priced in line with IPTs with no book updates
