Japanese market offers hope for covered bond performance

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Japanese market offers hope for covered bond performance

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May 4, 2019, Tokyo, Japan - Tens of thousands of Japanese well-wishers wave flags to celebrate the ascension?to the Chrysanthemum?Throne of new Emperor Naruhito during his first public appearance as emperor at the Imperial Palace in Tokyo on Saturday, May 4, 2019. (Photo by Natsuki Sakai/AFLO) AYF -mis- | Natsuki Sakai/AFLO/PA Images

Tight spreads, low yields and aggressive central bank action make covered bonds a 'low conviction' asset class, according to one major investor. But there is some scope for selective performance in relation to debut issuers and deals from Japan, where a legislative framework is hoped for.

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