Covered Bonds
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Investors overallocated after Germany 30 year flop -
Anxiety was high after the Banque de France was absent in Caffil’s six year
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First two-year for seven years required substantial price discovery
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Elevated new issue premiums are likely needed for any issuer contemplating a covered bond longer than five years
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The bank has issued more in 2022 than in the past three years combined
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Issuer decided against a 10 year deal on its way to a chunky long five year
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Dealers believe sell-off in fixed income is close to an end
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UniCredit and BMO unable to tighten pricing, CRH hoping for better
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Many Swiss investors are staying on the sidelines, but there is hope for fourth quarter supply
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Market keeps a calm head amid chaos and absorbs rare social bond
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The more the product basks in its own glory, the greater the problem
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Fourth quarter issuance boost likely as funding anxiety mounts
![Deutsche Bank and Commerzbank in Frankfurt in front of a gray sky symbolising the crisis of the financial institutions and their possible merger.[M]](https://assets.euromoneydigital.com/dims4/default/0a4ae5f/2147483647/strip/true/crop/575x323+0+26/resize/320x180!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F24%2F3b%2Fa3118fca48b6be3a57ed21e6e8dd%2Fdeutsche-commerzbank-alamy-575-375.jpg)
