Currencies
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Eighteen minutes is all that was needed to build books on speedy Swiss senior sale -
Pipeline fills but secondary market havoc is hampering new issues
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Sovereign green bond volumes plunge with no new lines this year so far
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Investors have shown preference for ethically themed covered bonds as subscription ratios rocket
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Cost of long dated funding in euros very attractive compared to sterling
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The Swiss issuer became the first European bank to tap the dollar market following first quarter earnings when it hit the market on Tuesday
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Scarcity value helped to propel the strong name to a double digit saving versus euros
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New issue concessions rising as inflation soars
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Real estate flavour means some big investors hold back
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Long end covered bonds lure investors with both absolute yield and spread attraction
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The new deal expands further Austrian banks’ multi-year high covered bond issuance
