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SNS off to solid start after Eurohypo pushed back

SNS Bank launched its debut benchmark covered bond on Tuesday, a Eu1bn six year mortgage backed issue priced in the middle of guidance. That followed Eurohypo which on Monday launched its fifth benchmark of the year, a Eu1bn long five year mortgage Pfandbrief, wider than where the issue had been sounded on Friday. No other borrowers are believed to be lining up deals for launch this week. Read EuroWeek this Friday to find out more how the week’s deals fared in what is said to remain a soft market.

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