Covered Bonds
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Three issuers hit the market on Thursday, as pipeline builds for next week -
German political instability push Bunds yields up, reducing prospects of a covered bond revival
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Victory for Donald Trump sparks debate over how ECB will respond to tariffs
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Investors likely to shun covered bonds for similarly priced — but better treated — SSA deals
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◆ French firm takes €1bn a day before the US goes to the polls ◆ Investors looking for attractive French covered bonds ◆ French deals are tight to OATs despite high spreads
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Domestic names rush to hit the market ahead of expected volatility next week
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Wider swap spreads provide French covered bonds a buffer against competing SSA levels
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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◆ Low redemptions led to lower supply in 2024 ◆ Canadian banks could return to refi ◆ Dollar supply to more than double in 2025
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◆ Deal hits size and price targets ◆ Starting spread catches investors' attention ◆ Small pick up offered over OATs
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◆ French govvie performance to support sentiment ◆ Recent French covered bonds spotted tighter ◆ Fair value considerations revealed
