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FIGCovered Bonds

Dexia spread drives demand and trumps single-A rating

The widely anticipated public sector-backed Pfandbrief from Dexia Kommunalbank on Tuesday had been expected to go well, given the juicy spread that was expected. But the level of oversubscription proved a surprise and was the highest of any German deal this year — even putting competing issuance from Portugal into the shade.

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