Axa reopens long end of covered bonds

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Axa reopens long end of covered bonds

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Man pushing an elevator buttons where it is written long term. Investment Concept. Composite image between a hand photography and a 3D background. | Olivier Le Moal/Olivier Le Moal - stock.adobe.com

Investors lapped up Axa Bank Europe’s €250m tap of a 15-year Obligations Foncieres on Monday and showed that demand for ultra-long dated paper is back on the table. And, being considerably longer than the funding offered by the European Central Bank, the transaction should give a boost to the primary market, despite downbeat supply expectations.

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