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FIGCovered Bonds

Mediobanca prices through fair value

Mediobanca was the sole covered bond issuer to put its head above the transaction parapet on Tuesday morning — the first deal following Mario Draghi’s speech on June 5. Offering a €750m five-year single-A trade to a supply-hungry market, the deal was priced at least 3bp through fair value, according to a lead banker on the deal — a clear signal that the periphery tightening story is not over yet.

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