BPCE outplays OP Mortgage in covereds

BPCE 230x115
By Bill Thornhill
30 May 2017

BPCE outplayed OP Mortgage Bank in the covered bond market on Tuesday with a €1bn 12 year that benefited from the steepness of the French curve and an eye-catching double-digit spread.

The Finnish and French issuers both priced €1bn deals at the long end of the covered bond curve with varying degrees of success. The better outcome for the French deal largely reflected its eye-catching spread of 12bp over mid-swaps.

In contrast, OP Mortgage Bank was unable to realise ...

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