The European covered bond market reopened in late August after a seven-week hiatus. On August 24 ING issued a 10-year euro transaction in the morning which was followed by a five-year dollar deal from Swedbank in the afternoon. But the big surprise was a €1 billion trade the following day from UniCredit. The Italian bank had to offer a new-issue premium of 20 basis points but managed to get the deal away despite the turbulence surrounding the sovereign.
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