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The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it -
The World Cup is being played outside European trading hours, but don't underestimate its potential for disruption
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The possible further internationalisation of the covered bond market will present challenges as well as opportunities
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If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
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Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
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FIG issuers have shown that investors are ready to absorb all the supply that comes their way
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The fears of the covered bond market reflect a lack of conviction in the superiority of the product
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Reframing inflation might produce a more palatable number but is not always a great idea
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Lower rates will need lower inflation — and an FOMC consensus
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The most successful investment banks must strive for excellence in managing people
