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FIGCovered Bonds

Caffil takes size with covered bond despite negative premium

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Caffil returned to the covered bond market on Monday to issue its fourth trade this year. Despite being its biggest deal in well over two years, it was well subscribed and was priced slightly inside fair value, implying that stretched valuations still have scope to tighten. At the same time UniCredit Austria mandated leads for a 15 year deal.

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