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FIGCovered Bonds

Covered volumes soar, but ECB action to hit

Covered bond volumes soared this week as borrowers — fearing increased volatility and execution risk — priced six deals before the European Central Bank meeting. But they need not have worried as the ECB’s action, which will constrict issuance, is likely to cause spreads to tighten so that execution risks will remain at bay for a lot longer.

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