Covered Bonds
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift -
Handful of covered and unsecured deals could arrive early next week
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Austrian borrower’s €2.6bn book its biggest ever
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Landesbank Berlin’s sub-benchmark print to provide the next 10 year test
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Calculating concessions ‘the only real challenge’ in red hot covered bond market
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‘A lot more’ covered bond supply expected ahead of ECB meeting on Thursday
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Asset managers less concerned about missing out on covered bonds, argue some bankers, while others highlight the relative value versus SSAs
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Issuance to pick up, but funding officials could favour more attractive senior unsecured deals
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Swiss lender took the maximum it could out of the local market
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The deal appealed to asset managers looking for ‘spreadier products’
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Investors pledged over €875m of orders for the sub-benchmark sized deal
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The French bank attracted a peak book of over €2.65bn
