Dutch structured covered bond debut delights investors

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ABN Amro broke new ground last month with the launch of the first structured covered bond issued out of the Netherlands. The EUR2 billion 10-year residential mortgage-backed issue is part of a EUR25 billion programme devised by the bank which is likely to form the basis of its medium-term funding requirements over the next few years.

Demand for the triple-A rated deal, which was priced at mid-swaps plus 7 basis points, skyrocketed after it was announced to the market, with orders of up to EUR

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