Top section
Top section
ECB's anti-fragmentation tool fragments opinion
Proposed instrument draws comparisons with unused and controversial OMT programme
Mediobanca and Hamburg covered bonds beat rush to ECB bid
Issuers are expected to squeeze deals in on Friday and Monday
POP postpones debut covered bond as others hold back
Low coupon deals are mispriced giving an illusion of high concessions
Sub-sections
Sub-sections
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No tightening until market stabilises with new issues to dry up -
Central bank rate decision will provide clarity on deal parameters and issuance volumes
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Investors have shown preference for ethically themed covered bonds as subscription ratios rocket
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Banks encouraged to snatch the central bank bid while it is still there
