Covered bond investors see value
Covered bond investors remain unperturbed by spreads to swaps that are at near-historically tight levels, as the relative values to government bonds and senior unsecured remains alluring.
A deal issued on Tuesday this week by Compagnie de Financement Foncier (CFF) attracted a record oversubscription, even though it offered little new issue premium and was in the usually tricky to sell 15 year tenor.
The transaction offered
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