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FIGCovered Bonds

Covered bonds perform, but liquidity dries up

The covered bond market continued to perform on Wednesday, but the shortage of paper has led to a deterioration in liquidity, and this is starting to outweigh the positive sentiment that had been driven by an improvement in relative value. The supply situation is not expected to improve much until late next week, when the German carnival season is over and Pfandbriefe could emerge.

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