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FIGCovered Bonds

Absence of CBPP3 tapering could spell trouble

ECB 230x150 euro sculpture

Even though the ECB's net asset purchases were halved to €30bn from January, the pace of covered bond buying did not change. Though the absence of a lengthy tapering period implies a greater cliff-edge effect when net purchases inevitably fall to zero, bankers were relatively sanguine on the spread outlook.

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