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FIGCovered Bonds

Pressure on core covereds as swaps widen to Bunds

Increasing uncertainty over the outlook for Peripheral European bond markets has led to profit-taking in core European, Scandinavian and UK covered bonds — a move that has been exacerbated by a widening in the Bund swap spread. Peripheral covered bonds have fared much worse, due to sovereign underperformance, though turnover has been negligible.

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