CFF hits the covered bond stars as SEB shines bright

Safran rocket 2
By Bill Thornhill
07 Nov 2017

Compagnie de Financement Foncier (CFF) this week issued one of the most oversubscribed French covered bonds in years with demand boosted by the long tenor, small deal size and positive spread. At the same time, SEB found good demand, even though it was issuing the tenth 10 year covered bond since September.

Joint bookrunners BBVA, Commerzbank, LBBW, Natixis and Société Générale were formally mandated and opened order books for a €500m 15 year French covered bond from CFF on Tuesday, with initial guidance of 14bp over mid-swaps.

Demand quickly swelled to more than double ...

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