Taps only but debutants prepare to come out
Benchmark covered bond issuance was this week restricted to taps from Crédit Agricole and Spain’s Cajamar as peripheral spread widening and a high concentration of central bank meetings kept supply to its lowest level since the market re-opened at the end of August.
Crédit Agricole Covered Bonds on Tuesday added Eu350m to a 4% July 2025 deal on Tuesday, and Cajamar (Caja Rural, Sociedad Cooperativa de Crédito) a day later increased a 3.5% October 2014 cédulas hipotecarias issue by Eu350m to take total issuance this week to Eu700m.
Syndicate bankers attributed the
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