Trend to quality continues in covered with WL benchmark
Germany’s WL Bank restarted supply in the covered bond market on Wednesday, launching a Eu1bn five year deal which, along with a twin five year jumbo from Dexia Municipal Agency the same day, represented the sum total of primary issuance this week. An infrequent top tier issuer, WL Bank followed a recent trend in the covered space towards modest yet well received supply from rare high quality names.
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