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FIGCovered Bonds

Caffil and VUB covered bonds suggest spread sensitivity is back

Value

Caisse Francaise De Financement Local (Caffil) lost €700m of orders after deciding to price its €1bn 10 year covered bond flat to OATs on Tuesday. But in contrast Vseobecna uverova banka (VUB) was able to price comfortably inside fair value largely because its deal offered a substantial pick-up to other covered bonds.

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