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FIGCovered Bonds

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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