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FIGCovered Bonds

TLTRO falls flat in first round, all eyes on December

The ECB announced it has allotted €82.6bn to 255 banks in the first targeted long term refinancing operation (TLTRO) — a figure far below consensus expectations from eurozone economists. While the impact on covered bond secondary markets is likely to be marginal, the news could have positive implications for primary supply, analysts told The Cover on Tuesday morning.

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