Covered bond spreads halt rally as concerns over peripheral widening return
The covered bond rally that began in the first quarter of 2012 has stalled, with Italian, Spanish and French spreads coming under pressure in the secondary market. Some analysts recommended that investors prepare for further spread widening by moving out of peripheral paper. But syndicate officials said levels were simply correcting at the end of an overblown rally, and that technical factors would continue to support supply.
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