Covered Bonds

French bank can afford to be opportunistic thanks to its well-advanced funding plan, as it will not immediately rush to revisit the subordinated debt market after its pulled tier two deal, its head of capital markets tells GlobalCapital

German issuer follows recent French successes in longer-end

Issuer responds to bank treasury demand for FIG FRNs and seven year duration

Pricing was 'tricky' and 'staunch conservative investors' were wary

Success follows €1bn 10 year senior sale on Monday

First euro covered bond long than 10 year for a year deemed ‘very successful’

Three issuers price euro covered bonds in a market that ‘remains in very good shape’ as bank treasuries drive demand for seven to eight year paper

Deal clinches tightest spread on a 10 year covered bond this year as French banks pay less to go longer

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Banks push longer and tighter but investors keep coming back for more

Widening prices temper size ambitions, but issuers remain upbeat as they adapt to 'new normal'

French banks are satisfying their appetite for long dated covered funding but whether infrequent core eurozone issuers can replicate this success remains to be seen