Euro
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Despite less demand from the ECB, covered bond flows are in rude health -
Deeply subordinated capital paper attracts diverse demand
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Deal priced inside guidance in contrast to an earlier Slovakian deal from VUB
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Portugal and Council of Europe first to follow EU pathfinder trade
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Big brand still key as second tier firms find some parts of the market inaccessible
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Issuer’s price target was not met, but outcome was still impressive
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Orders for the well subscribed deal continued to flood in after spread was set
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Insurance companies expected to show up for 2% coupon
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Slovakian deal joined by Austrian and German mandates
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French financial group has raised €6.5bn in the covered bond market so far this year
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Swiss bank hopes to price close to non-preferred comparables
