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FIGCovered Bonds

Improvement in ECB deposit tiering may hit covered bonds

ECB adobe stock AS 230x150

Negative yielding covered bonds, which are trading close to their tightest-ever spread levels, could become less attractive to bank investors relative to European Central Bank (ECB) deposits, which may soon become more generously tiered, and government bonds, where an increase in supply is likely, said bankers on Wednesday.

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