AXA pays up despite huge ECB backstop

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AXA pays up despite huge ECB backstop

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A logo sign outside of a facility occupied by AXA in Milan, Italy on September 3, 2016. Photo by Kristoffer Tripplaar | Kris Tripplaar/SIPA USA/PA Images

AXA Bank successfully issued the first covered bond eligible for the European Central Bank’s newly established €750m Pandemic Emergency Purchase Programme (PEPP) on Thursday. But, despite the ECB’s much increased firepower, the bonds still offered a pick up of around 30bp and the funding would barely been possible without the central bank's support.

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