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◆ BPCE attracts biggest book since February ◆ Long five year appeals to wide range of investors ◆ Pick-up paid over secondaries and OATs
◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors
◆ 10 year 'surprise' reopens euro covered market ◆ Concession needed to seal the deal ◆ Trade lands through OATs
◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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Swiss market shakes off January blues to offer size and tightening prices
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Deal was largest sterling covered bond from a non-UK bank since May
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Crédit Agricole Italia, SaarLB, OP and Tirol greatly boost covered confidence
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UK and Nordic currencies offer a cost-effective alternative
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SaarLB to test demand with year’s first 10 year Pfandbrief
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BPCE, Mediobanca and BayernLB all delivered on mandates revealed last week