CM-CIC takes covered bond 10 year by storm
Credit Mutuel CIC showed that demand for duration is still strong, as it drew €2.2bn of interest for a €1.25bn covered bond that it launched on Wednesday on the eve of the European Central Bank’s policy meeting.
The 10 year was priced flat to mid-swaps from refined guidance of 2bp area and an initial spread of 5bp area.
It was the first post summer 10 year in true benchmark size and the first from a core European issuer in a size of €1bn or more
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