Covered bond issuance has been strong over the past five trading days on the back of banks looking to take advantage of the final days of the European Central Bank's (ECB) purchase program. The program ends in the middle of next week.

Companies in Europe have so far sold €34.9 billion euros ($43 billion) of covered bonds in June, already more than double May’s sales of 11.1 billion euros, according to data compiled by Bloomberg. Sales totalled 169 billion euros in the last six months compared with €233.4 billion in 2009, Bloomberg data showed.

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