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FIGCovered Bonds

ECB: the only player in town

Bankers hoped that a covered bond would emerge this week after Lower Saxony got a strong response for its deal on Tuesday. But with no hint of a euro benchmark on Wednesday, issuance hopes have been postponed until the week of August 24. The only flow is in the secondary market, and in the absence of sellers, euro system buying is causing spreads to move one way.

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