Covered bond investors gorge before ECB

By Bill Thornhill
11 Sep 2014

Covered bond issuers priced 10 benchmark sized deals this week, raising €11bn on the back of an aggregate €26bn of demand. Average order book sizes were boosted after the European Central Bank announced last week its intention to proceed with a third covered bond purchase programme.

Deals that were issued by banks in the eurozone, and which are likely to be the target of the central bank’s programme, were able to price at tighter spreads than those that are not expected to be part of the programme.

Bank of Nova Scotia stood ...

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