SSA, covered borrowers left to sweat over French election

By Lewis McLellan
02 Feb 2017

The race for the French presidency has put pressure on the country’s government bonds (OATs), prompting price moves which could have far-reaching consequences for both covered bond issuers and public sector borrowers. Lewis McLellan reports.

The sell-off in French government bonds is making rates products that traditionally offer a spread over OATs look unattractively expensive, particularly at the long end.

Crédit Mutuel’s eight year covered bond ended up raising only €750m of its €1bn target on Wednesday, and relied upon support from the ...

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