Euro
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Covered market looks to returning SSA issuance for clarity over swap spread moves
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KfW first to return to the primary market with opportunistic sterling tap
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Opportunistic borrowers lining up for what is likely the busiest week left this year
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Conclusive US election result and rate product woes open pre-funding options to banks
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No tightening in sight but stability hopes rise as market digests US and German political upheavals. Next EU deal to offer direction
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Historic spread shift smacks valuations after German government falls apart. Market at 'most critical moment in 20 years'
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Opportunistic issuers line up, but odd swap spread moves could drain demand from asset class
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◆ Société Générale prints dual-tranche senior ◆ Bankers agree on new issue premium ◆ Some question two year format
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Decent response from investors suggests next week will be busy in primary market
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◆ Multiple factors lure buyers to rare deal in the asset class... ◆... after strong credit rally following US elections ◆ Positive new issue premium reinstated
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German political instability push Bunds yields up, reducing prospects of a covered bond revival
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‘Difficult’ few weeks ahead as negative Bund-swap and wide SSA spreads take toll