Covered Bonds
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Bears at the wheel amid hopes supra will come 'super cheap' -
Rates volatility suggests funding windows could be short lived
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Asset managers avoid new issue, favour more attractive secondary spreads
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Issuers use quiet days to market, aiming to launch later in week
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More covered paper expected in Swissies as euro issuance goes quiet
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◆ Central banks and governments want to take banks’ money ◆Where has the greenium gone? ◆ Direct lending goes investment grade
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Banks could be snared by higher reserve requirements, deposit flight and active quantitative tightening
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◆ Euro FIG supply not expected to restart until Wednesday ◆ Investors are in the driver's seat ◆ Rates uncertainty dampens outlook
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Better to lock in funding now than wait, as spreads set to move higher
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Covered bonds, SSAs widen on concerns about rates and Italy's budget deficit
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Funding was cheaper than euros, if smaller
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Smaller issuers are struggling to attract investors' attention
