Covered Bonds
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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
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Supply expected to skew shorter after recent borrowers opted for the long end
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When it seems as if it is only short-term survival that matters, the best bankers don’t lose sight of the distant horizon
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◆ Did we come close to a full blown crisis before Trump's tariff climbdown? ◆ Will we face another in 90 days' time? ◆ UK regulator's astonishing covered bond ruling
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◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors
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Flash signs that financial markets were heading for a funding crisis are what spooked traders
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Intraday alll the way as eurozone and non-eurozone covered issuers consider market
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◆ 10 year 'surprise' reopens euro covered market ◆ Concession needed to seal the deal ◆ Trade lands through OATs
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Loss of LCR eligibility could hit sterling covered demand, but issuers expected still to come
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SSA market most bullish but some in credit, emerging and equity markets still unconvinced anything has changed despite 90 day tariff reprieve
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Recent Länder trades shed some light on primary market for covered bonds
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A covered bond deal a possibility and spreads recover slightly but little incentive for most deals after 'wild' morning