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Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all
Books bulged in July as investors flocked to the last of the summer deals
Deals up to 20 years could be possible — if issuers are willing to pay some NIP
Second tier issuers already eying September for deals
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Supply could quickly resume if conditions stabilise
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Trading activity and primary performance show covered bond robustness
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The gap is closing thanks to covered undersupply but there will be a floor as relative value starts to make little sense
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Bankers hope for April showers after quiet end to March
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Investors showing a preference for rarer names and jurisdictions
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Investors are hungry for any paper offering more than 3%