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FIGCovered Bonds

Nykredit auctions go well despite housing woes

Denmark’s Nykredit on Monday started a 12 day bond auction to refinance its adjustable rate mortgages. After two days of selling, bid-to-cover ratios and spread levels appeared to show that demand has withstood concerns about the bank’s new capital centre for ARMs and wider apprehension about Denmark’s weak housing market.

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