Covered Bonds
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Banks would be prudent to make the most of funding windows as they appear -
Despite wild rates volatility, secondary SSA and covered bond flows have been orderly
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Riskier names and deals will have to wait as investors look for defensive plays amid invasion volatility
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Sovereign, supranational, agency and core European covered bonds will be the first asset classes to re-open the primary market
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A superb outcome for the the five year portion of the deal sharply contrasted with limp interest in the 10 year
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Modestly sized deals in intermediate maturities with a fair concession worked well
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End of the special discount rate and net stable funding ratio efficiency to drive early repayments
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Second tier SSA issuers and covered bonds at the short end of the curve are a ‘screaming buy’ compared govvies, say traders
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Dutch bank became the first issuer to print a 10 year covered bond in five weeks
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The order book was price sensitive, but the subscription ratio was still strong
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The cost of funding was in line with what LBBW could have expected in euros
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The five year tenor ensured swift and certain execution for UniCredit AG, enabling the spread to be tightened more than usual
