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FIGCovered Bonds

Covered bond issuers reprice secondary curves

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A trio of covered bonds from NN Bank, Bawag and Eika Boligkreditt that were issued on Wednesday, were all exceptionally well subscribed, though the Norwegian deal stood out as it was priced considerably through fair value. The transactions suggest secondary spreads are less representative of fair value and send a strong signal to non-Eurozone issuers with illiquid curves.

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