Covered Bonds
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Prospect of earlier than expected ECB rate rise and escalating tensions in Ukraine keep traders on edge -
The deal was priced flat to its larger Canadian peers
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Société Générale pushes out the curve as yields move lower
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Order book swells after final terms set as with earlier Austrian deals
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Pair pay smallest new issue premiums in recent history but conditions expected to worsen
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EU to tap long and short tenors after French election
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Banks encouraged to snatch the central bank bid while it is still there
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Demand is especially strong in the short end but has been good out to 10 years
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Focus falls on covered bonds as senior funders wait until after the Easter break and ECB meeting
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TD has raised the equivalent of $6bn in the covered bond market over the past two weeks
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The 1.25% coupon and generous starting spread ensured swift and certain execution
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Double digit arbitrage on offer as Canadian borrower lands inside euros
