Risk appetite propels covered bonds, but doubts emerge
Three euro benchmarks surfaced on Wednesday including the first from Axa in four years, the first euro benchmark from BRFkredit and a dual tranche deal from Crédit Agricole which, by virtue of its €3.25bn size, is the most notable deal of the year so far. Despite these successes, traders fear the spread tightening run may be close to its end.
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