Morning wrap: Wanted: more issuance for red hot covered market
The covered bond market ended the week in exceptional shape. Société Générale’s €1.5bn seven year benchmark was trading 10bp tighter in the secondary market on Friday, after pricing at 107bp over mid-swaps on Thursday. Though some syndicate bankers said the trade was priced through the issuer’s outstanding curve and had been a strong success, other felt initial guidance had been too wide.
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