Covered Bonds
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A covered bond deal a possibility and spreads recover slightly but little incentive for most deals after 'wild' morning -
Supply could quickly resume if conditions stabilise
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FIG issuance plans for next week in doubt after Friday 'meltdown'
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◆ How US tariffs will affect bond issuers in the medium and long term◆ Liberation Day: your funniest quotes ◆ A funding update from KfW's head of capital markets, Petra Wehlert
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FIG and EM cover ratios fall while other markets rise
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Trading activity and primary performance show covered bond robustness
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◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ Tight deal needed no premium ◆ New investors buy the name ◆ Some short-dated covered bonds now trading through Länder
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◆ Dutch bank scoops €1.5bn with three year deal ◆ Demand allows for tight pricing ◆ Next to no premium needed
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◆ Book holds together despite strong spread revision ◆ No concession needed for popular print ◆ Investors find safe haven in covered bonds
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◆ Deal demand shows covered bonds ability to withstand volatility ◆ No concession needed ◆ French deal lands through OATs
