Covered Bonds
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Benchmark matching drives orders as issuer prints a fraction of what was possible -
◆ Dutch issuer takes unusual approach to marketing ◆ Arkéa used a different tactic to attract buyers ◆ Dealers detect confidence from investors in longer dated deals
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The EU’s curve is expected to flatten as 30 year supply dries up
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The deal paid a substantial pick-up to recent 10 year Pfandbriefe
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As the going got tough, the tough got their deals done leading to hopes of AT1s and Italian covered bonds
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More supply to come as unexpected rates volatility no bar to success
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Access to longer funding may soon spread to new countries
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Niche currencies and alternative formats can help lower costs and provide diversification
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Long dated bonds tipped to perform
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Banks find sweetspot between offering a premium in Swissies while saving compared to euros
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ING paid up to issue covered bond in benchmark size, Aktia sailed through but two other issuers had a tougher time
