Covered Bonds
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Rampant market tested the limits of investor appetite this week just as central bank support ebbs away -
◆ Successful growth of deposit base funds tender ◆ P&L uptick ◆ PBB has not issued public debt since January
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Dollars and Aussie dollars offered more competitive funding
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After Tuesday's difficulties, the Dutch bank showed the market works
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Tuesday’s four covered bonds were challenging to sell
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Tightest deal from LBBW struggled to reach full subscription as investors leaned towards spread
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Senior preferred deal could be priced at 'low to mid 7%' based on recent comps
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Pipeline includes LBBW's dual tranche that will also feature a 10 year maturity
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Asset managers are ruling the roost
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Key central bank policy meetings have cleared the air, but confidence is lacking
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A compelling spread, limited deal size and quiet market provided the ingredients for success
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'Amazing' book swells beyond expectations
