Life after the ECB: HSH tests the market

June 30, 2010 12:00 AM

The European Central Bank’s covered bond purchase programme ended on Wednesday, with covered bonds of a nominal value of Eu60bn having been bought since the scheme started in July last year. The market now awaits its first test without support from the scheme, with HSH Nordbank on Monday having priced a Eu500m three year Pfandbrief that was the last sizeable new issue bought by eurozone central banks operating under the purchase programme.

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