Covered bonds 'running out of steam' as trio hit primary

Fédération des caisses Desjardins du Québec (CCDJ), Compagnie de Financement Foncier (CFF) and Sparebanken Vest Boligkreditt (Svegno) were set to issue covered bonds with zero new issue premiums on Thursday. But after a surprisingly busy week, the market is now "running out of steam" with order books were much slower to build and subscription ratios far lower than transactions issued earlier this week.