Tepid reception greets MPS as covered convergence stalls
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Covered Bonds

Tepid reception greets MPS as covered convergence stalls

Three issuers launched covered bonds this week with varying results, which suggested that the converging trend between core and peripheral Europe has stalled. Banca Monte dei Paschi di Siena (MPS) struggled to attract anything like the demand seen in its previous covered bond as Portuguese woes outweighed the programme’s rating upgrade into investment grade territory.

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