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FIGCovered Bonds

TLTRO could upset French covered supply expectations

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Net covered bond supply from France is likely to fall in 2019, which should support spreads. However, French banks were among the most active users of the the European Central Bank's Targeted Longer Term Refinancing Operations (TLTRO), which, as it starts to mature, will need to be refinanced - and the covered bond market could be poised to provide some of that funding.

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