The primary market for European covered bonds saw substantial volume sold in the first month of the year.

According to Societe Generale analysts, €8.5 billion ($11.5 billion) was sold over the past five trading days. Over the previous week, the market sold €10 billion. "We saw issuers raising premiums to get bonds sold," SocGen analysts said in a report. "New bonds were priced 10 basis points to 20 basis points over the secondary market. We also saw good investor differentiation between issuer ratings."

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