CFF prices euro covered through its curve

By Bill Thornhill
09 May 2017

Compagnie de Financement Foncier attracted the largest order book in over two years for a deal of its size when it issued a €1.5bn 5.5 year Obligations Foncières on Tuesday. The deal was priced through fair value causing CFF's older bonds to reprice.

The deal took took over 100 orders worth more than €3.25bn in the space of two hours enabling the issuer to tighten pricing from flat to mid-swaps to a final spread of 6bp through mid-swaps. Despite the aggressive tightening, leads said few orders dropped out.    

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