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Covered bond market doubts clout of new purchase plan

The dormant covered bond market was woken up this week after it emerged that the European Central Bank will consider a second covered bond purchase programme at next week’s policy meeting. But, the fact that none of this week’s deals reached €1bn, and that many were a long way short of that size, illustrates a continued lack of confidence borne by a belief that the prospective buying is no panacea.

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