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FIGCovered Bonds

KA Finanz bid, no offer

After losing its Moody’s rating in November 2015, KA Finanz’s covered bonds received a new AA- rating from Standard & Poor’s last Friday and were indicated about 5bp tighter on Monday morning. The bonds are now likely to receive better regulatory treatment, though collateral transparency could be a problem, said research analysts at Commerzbank on Monday.

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