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FIGCovered Bonds

Declining OC and deteriorating pool quality buffet Pfandbriefe

Empty hotel corridor from Adobe 9Jul20 575x375

A surge in repo-eligible issuance and deteriorating credit outlook for the retail and hotel commercial mortgage segments that secure some cover pools has pummelled the Pfandbrief market. This has been compounded by a lack of transparency leading to "an uneasy feeling" and ‘some uncertainty’ said bankers.

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