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FIGCovered Bonds

HVB falls short of target amid investor caution

UniCredit’s German entity, HypoVereinsbank (HVB), brought its third covered bond of the year, a four year offering with a 2.125% coupon, on Tuesday. The borrower did not reach its target deal size and had to settle for a €500m print, with buyers taking smaller tickets than usual, suggesting they remain risk averse.

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