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FIGCovered Bonds

ECB must step up already aggressive secondary covered bond buying

ECB 230x150 euro sculpture

September’s highly oversubscribed covered bonds meant the European Central Bank’s primary market order was considerably cut, forcing it to scour the secondary market for paper. With October’s supply likely to be lower and redemptions expected to soar, the ECB must become an even more aggressive buyer, or watch its portfolio shrink.

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