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FIGCovered Bonds

CBPP3 is making a bad situation worse, says Barclays

The European Central Bank now holds 12% of euro area outstanding benchmark covered bonds, which are not available for repo, and have been bought at a time of rising structural demand and falling net issuance. As a result, the ECB’s actions have made a bad liquidity situation much worse, said Barclays covered bond research in a report on Thursday.

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