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Yield environment drives issuers to extremes

SNS Bank and Lloyds TSB Bank tapped the long end of the covered bond market this week with 10 year deals, taking advantage of investors’ search for yield. At the other end of the curve, SEB AG launched a rare one year Pfandbrief issue. Read EuroWeek this week for more on the dynamics driving issuers to the opposite ends of the market.

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