Axa Bank to tap French OF framework

Axa Bank Europe, the Brussels-based retail banking arm of France’s insurance group Axa, plans to issue covered bonds under France’s obligations foncières framework. An inaugural benchmark issue — backed by prime residential Belgian mortgages — will follow a pan-European roadshow starting next week. Meanwhile, euro benchmark covered bond supply is this week ticking along at a steady pace despite a challenging market backdrop. Read EuroWeek on Friday for more about Axa Bank Europe’s innovative move and how new issuance holds up against volatile market conditions.