No sign of covered bond fatigue as SG hammers home fifth French 10 year

Press association soc gen PA societe generale
By Bill Thornhill
05 Oct 2017

Investors piled into a 10 year covered bond from Société Générale this week, even though it was the fifth from a French issuer in the same tenor in the last month. But with issuers incentivised to pre-fund ahead of 2018, some market participants say that investor resistance will be seen before year-end.

For the time being the covered bond market remains a “one-way street”, as one syndicate official recently put it. Another, more colourfully, advised investors not to aim “against the wind otherwise you'll get wet”.

In these conditions, he said, investors were ready to buy almost anything — not that ...

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