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FIGCovered Bonds

Berlin Hyp shows covered bond issuance has got tougher

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Berlin Hyp was unable to tighten pricing as much as it wanted for its seven year Pfandbrief on Monday, showing that a steep fall in yields this year is having a direct impact on the primary market. The transaction provided a clear warning to issuers who believe they should be able to price deals flat to their outstanding curves.

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