Short Irish CBs are cheap to sovereign, says Barclays
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Covered Bonds

Short Irish CBs are cheap to sovereign, says Barclays

The more modest year-to-date tightening of Irish covered bonds relative to other peripheral jurisdictions has created a value opportunity, says Barclays research, which recommended buying Irish covered bonds versus Irish government bonds. However, traders say limited liquidity in the secondary market for peripheral names means that the trade idea will be difficult to executive in practice.

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