Cades and World Bank redefine the sterling benchmark
Caisse d’Amortissement de la Dette Sociale (Cades) became the first SSA this year on Wednesday to follow what has been an enormously popular format in covered bond sterling issuance this year — the three year floater — and to devastating effect. The trade, which started out as a £250m plus benchmark, ended as a £1bn as the book build gathered pace. The trade exceeded what was already something of a jumbo deal for the market – the World Bank’s £800m deal priced on Tuesday.
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