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FIGCovered Bonds

Axa reopens long end of covered bonds

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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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